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March 02, 2023
After ending yesterday at $8.35, Green Thumb Industries is currently trading at $8.58.
Green Thumb Industries's uptick comes amid good United States macroeconomic data released during the day — highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000. Data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.
At the same time, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.
A study of Green Thumb Industries's historical price actions shows Green Thumb Industries Inc. reversed direction at $8.6 resistance zone and retreated back 2 cents below it. Trend analysis indicates that Green Thumb Industries made an initial breakout above its 50 day Simple Moving Average at $8.36, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $9, thereby suggesting that Green Thumb Industries is becoming overvalued.
Notwithstanding Green Thumb Industries's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other health care stocks also shows bullish price action as Abbott Laboratories gained 1.45%, currently at $102.3. Novartis is up 1.03%. Thermo Fisher Scientific added 1.13% to its value, now trading at $544.59.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
The stock has been trending positively for about a month. Green Thumb Industries has shed 42.49% over the past three months.
