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April 28, 2023
Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. Ending Wednesday at 68.01 cents, the controlled environment agriculture pioneer rallied 4.4% yesterday and stayed at the 71 cents level.
United States Core PCE Price Index (MoM) (Mar) is next today at 12:30 UTC.
Village Farms's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims came out at 230,000, better than analyst estimates of 248,000 and improving upon the previous reading of 246,000.
On the flip side, data from United States concerning Pending Home Sales was released yesterday at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of 0.8% to -5.2% this month. United States GDP published yesterday at 12:30 UTC came out at 1.1, falling short of the two projections and continuing its decline from the previous 2.6 figure.
Village Farms International, Inc. made an initial breakout above its 5 day Simple Moving Average at 73.854 cents, a potential indicator of a newly emerging bullish phase. Village Farms's lower Bollinger Band® is at 68.3463 cents, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Village Farms reversed direction at 73.7533 cents resistance zone and retreated back 3 cents below it.
With all probabilities considered, today's gains in Village Farms have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
This rally in Village Farms's share price coincided with other consumer staples stocks as Mondelez International was up 2.06%. Unilever was up 2.02%. Procter & Gamble was up 1.22%.
Also worthy of note, United States Core PCE Price Index (MoM) (Mar) is scheduled for today at 12:30 UTC.
Pointing downwards for around 2 months. Over the past 11 months, the consumer packaged goods provider has retreated 84.75% from a noteworthy peak of $4.46.
