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May 03, 2023
As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: a tough session dominated by bearish sentiment left Village Farms 2.75 cents lower, while setting a 73.1 cents to 76 cents session range.
United States ADP Nonfarm Employment Change (Apr) is next today at 12:15 UTC.
Meanwhile, United States JOLTs Job Openings (Mar) released yesterday at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States API Weekly Crude Oil Stock came out at -3.94 million, while a consensus of analysts was expecting -1,000,000. United States Factory Orders improved upon its previous reading of -1.1% with a new data release of 0.9%.
With regards to technical trend indicators, chart analysis show that Village Farms International, Inc. made an initial break below its 10 day Simple Moving Average at 75.557 cents, a possible indication of a forthcoming negative trend. Having stamped out a session range of 73.1 cents to 76 cents, Fibonacci-inclined Village Farms traders were highly concentrated around active Fibonacci support at 74.4543 cents. Analysis based on the asset volatility indicates that Village Farms's lower Bollinger Band® is at 68.5526 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Village Farms's notable support and resistance levels: Village Farms could begin to recover as it approaches significant support, now 1 cents away from 72.88 cents. Dipping below could be an indication that further losses are ahead.
Notwithstanding Village Farms's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Village Farms was not the only decliner in the consumer staples sector; Philip Morris International lost 2.46% yesterday and closed at $96.91. Anheuser-Busch lost 1.49% yesterday and closed at $63.67. Coca-Cola closed at $64 (down 0.45%).
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 230,000.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released today at 14:30 UTC.
Furthermore, United States Interest Rate is expected today at 18:00 UTC.
Trending downwards for around 2 months. Having set a significant low of 68.01 cents 7 days ago, the controlled environment agriculture pioneer is trading 13.17% higher.
