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June 21, 2023
Yesterday at a glance: grinding lower but with no clear-cut direction, the medical and recreational cannabis provider closed the session at $4 after forming a distinct $3.96 – $4.07 range.
United States Fed Chair Powell testimony is next today at 14:00 UTC.
Meanwhile, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. United States Housing Starts improved upon its previous reading of -2.9% with a new data release of 21.7%. United States Housing Starts (May) came out at 1.63 million, while a consensus of analysts was expecting 1.4 million.
Trulieve Cannabis Corp. could begin to recover as it approaches significant support, now 5 cents away from $3.94. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Trulieve Cannabis peaked above its 10 day Simple Moving Average around $4.03 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $3.78, a low enough level to, generally, suggest that Trulieve Cannabis is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems Trulieve Cannabis might start pointing upward in the short term.
Trulieve Cannabis was not the only decliner in the health care sector; Pfizer went down to $39.34, losing 1.8% after it closed at $40.06 yesterday.
On the other hand, positive performances could be seen by looking at other health care stocks as UnitedHealth added 2.38% to its value, and traded at $469.39. Sanofi gained 2.04%, as it traded at $53.1.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.87 million, following on from the preceding figure of 7.92 million. New data is set to be published tomorrow at 15:00 UTC.
Moreover, United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Existing Home Sales (May) will be released tomorrow at 14:00 UTC.
On a negative trend for around a month. Having soared to a high of $14.96 approximately 6 months ago, the leading CBD products developer is now trading 73.26% lower.
