Trulieve Cannabis slides 3%; closes lower for four consecutive days

A quick look at Friday: an influx of sellers pushed the leading CBD products developer to end the session lower around $4.22, while establishing a $4.18 to $4.4 session range Friday.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Trulieve Cannabis formed a session range of $4.18 to $4.4 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $4.3. Despite this, Trulieve Cannabis could begin to recover as it approaches significant support, now 9 cents away from $4.13. Dipping below could be an indication that further losses are ahead.

Looking forward, Trulieve Cannabis is poised to extend its strong downtrend and continue declining.

2 days ago, the medical and recreational cannabis provider fell to a low of $4.22 but has since recovered 3.08%.