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May 29, 2023
The US stock market is closed for the Memorial Day holiday and resumes tomorrow. Meanwhile, here is a recap of Friday: the leading CBD products developer has recovered almost all of its session losses after dipping down to $4.2 Friday.
Support/Resistance levels obtained from chart analysis indicate that Trulieve Cannabis Corp. could begin to recover as it approaches significant support, now 5 cents away from $4.16. Dipping below could be an indication that further losses are ahead.
Trulieve Cannabis was not the only decliner in the health care sector; Medtronic went down to $81.46, losing 2.49% after it closed at $83.54 Friday. Bristol-Myers Squibb Company went down 1.15%, closed at $64.56. Merck slumps 1.1% Friday to close at $112.3.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence projected to come out at 99 — worse than previous data of 101.3; data will be released tomorrow at 14:00 UTC.
The medical and recreational cannabis provider reached a significant high of $14.96 around 5 months ago but has lost 71.35% since then.
