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March 07, 2023
A quick look at yesterday: an influx of sellers pushed the consumer packaged goods provider to session lows around $one while establishing a $one to $1.03 session range yesterday.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
Amid the market gloom, United States Factory Orders beat the -1.8% projections, with -1.6%.
Technical analysis shows that Village Farms International, Inc. could begin to recover as it approaches significant support, now 1 cents away from 99.6667 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 10 day Simple Moving Average at $1, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Village Farms's lower Bollinger Band® is at 92.6654 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, while Village Farms has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Village Farms was not the only decliner in the consumer staples sector; Anheuser-Busch draws back 1.59% yesterday to close at $62.08.
On the other hand, positive performances could be seen by looking at other consumer staples stocks as Coca-Cola traded at $60.36 after closing yesterday's trading day at $59.44 (up 1.55%). Costco traded at $483.08 after closing yesterday's trading day at $475.26 (up 1.65%).
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million.
Furthermore, United States ADP Nonfarm Employment Change (Feb) scheduled to come out tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released tomorrow at 15:00 UTC.
Trending downwards for around a month. Having soared to a high of $6.1 approximately 11 months ago, the controlled environment agriculture pioneer is now trading 83.28% lower.
