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June 03, 2023
A quick look at yesterday: after a mostly steady day, the leading CBD products developer lost 5.15% deep into the session, closing at $3.87.
United States Average Hourly Earnings fell short of the 0.4% projections, with new data of 0.3%. Unemployment Rate in United States fell short of market expectations (3.5) with a reading of 3.7, continuing the decline from the previous figure of 3.4.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Non Farm Payrolls beat the 180,000 projections, with 339,000.
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. On the other hand, note that Trulieve Cannabis could begin to recover as it approaches significant support, now 13 cents away from $3.74. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Trulieve Cannabis to extend its recent losses.
On the other hand, positive performances could be seen by looking at other health care stocks as AbbVie gained 2.57%, as it traded at $136.87. Novartis added 1.85% to its value, and traded at $98.91. Johnson & Johnson gained 1.57%, as it traded at $156.97.
A day ago, the medical and recreational cannabis provider fell to a low of $3.87 but has since recovered 5.43%.
