Village Farms sheds 3%; sets session low of 72 cents

As the current session draws to a close, the controlled environment agriculture pioneer is hovering around the 75.5 cents level after closing yesterday at 77.83 cents and dropping by 3%.

United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.74 million.

United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.

Amid the market gloom, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5. United States ADP Nonfarm Employment Change (Mar) released today at 12:15 UTC with a figure of 145,000, while the previous figure was 261,000.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at 74.3968 cents, a low enough level to, generally, suggest that Village Farms is trading below its fair value. Following today's trading session, chart analysis suggests Village Farms could begin to recover as it approaches significant support, now 1 cents away from 75.9267 cents. Dipping below could be an indication that further losses are ahead.

Overall, the technical outlook suggests Village Farms is likely to remain muted for the immediate future, with no clear-cut direction.

Positive performances can be seen by looking at other consumer staples stocks as Walmart is up 1.65%. Procter & Gamble added 0.98% to its value, now trading at $151.7. PepsiCo is up 1.16% to $183.96.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 198,000.

Trending downwards for around 2 months. The controlled environment agriculture pioneer is trading 85.85% lower compared to the $5.5 high it reached over the past year.