Village Farms lost 8% during yesterday's session; goes up in pre-market trading (+4.56% to 61.7 cents)

As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: the consumer packaged goods provider hovered around the 59.01 cents level after closing Monday at 64.15 cents and shedding 8%, as it reached reached yesterday's session close.

United States Fed Chair Powell speech is next today at 13:30 UTC.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Consumer Confidence improved upon its previous reading of 102.5 with a new data release of 109.7. United States Core Durable Goods Orders came out at 0.6%, better than analyst estimates of -0.1% and improving upon the previous reading of -0.6%.

Amid the market gloom, United States New Home Sales (May) released yesterday at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000.

Technical analysis shows that Village Farms International, Inc. could begin to recover as it approaches significant support, now 2 cents away from 57.1767 cents. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that Village Farms made an initial break below its 3 day Simple Moving Average at 62.8467 cents, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Village Farms's lower Bollinger Band® is at 55.3326 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Village Farms will remain range-bound for the immediate future.

On the other hand, positive performances could be seen by looking at other consumer staples stocks as Procter & Gamble was up 0.95%. Costco added 1.32% to its value, and traded at $530.33. Mondelez International gained 0.96%, as it traded at $73.93.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 1.4, following on from the preceding figure of 2.6. New data is set to be published tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.

In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC.

The controlled environment agriculture pioneer is now trading 80.85% below the significant high of $3.35 it set around 11 months ago.