Village Farms climbs 3.44% after trading as low as 97.3 cents

After ending yesterday at 98.12 cents, Village Farms is currently trading at $1.

Village Farms'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) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.

Visual analysis of Village Farms's chart shows that although Village Farms International, Inc. is appreciating today after rising as high as $1.02, price action is now slowing and consolidating around 3 cents below the $1 resistance level. Trend and momentum analysis indicates that although up today, early price action saw Village Farms dropping below its 5 day Simple Moving Average at 98.058 cents — an early indicator that a new downward trend could be emerging. Japanese candlestick formations show 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Analysis based on the asset volatility indicates that Village Farms's lower Bollinger Band® is at 92.4945 cents, indicating that the market is oversold and fertile for new buyers.

Overall, while Village Farms has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Rallies can also be seen in other consumer staples stocks, PepsiCo is up 1.57%. Coca-Cola is up 1.12%. Procter & Gamble added 1.06% to its value, now trading at $139.12.

Elsewhere, United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

Village Farms hit a significant low of 93.51 cents around 3 days ago, but has since recovered 4.93%.