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April 16, 2023
A quick look at Friday: an influx of sellers pushed the consumer packaged goods provider to session lows around 78.21 cents while establishing a 78.21 cents to 84.9 cents session range Friday.
Village Farms International, Inc. made an initial break below its 21 day Simple Moving Average at 83.1624 cents, a possible indication of a forthcoming negative trend. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Village Farms's upper Bollinger Band® is at 89.1593 cents which indicates a further downward move may follow. On the other hand, note that Village Farms could begin to recover as it approaches significant support, now 4 cents away from 79.1733 cents. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Village Farms to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the controlled environment agriculture pioneer is expected to attract significant bearish sentiment in the coming days.
Village Farms was not the only decliner in the consumer staples sector; Diageo lost 1.2% Friday and closed at $185.67. Costco lost 1.32% Friday and closed at $491.3. Unilever went down 0.98%, closed at $54.11.
Pointing downwards for around 2 months. The controlled environment agriculture pioneer reached a significant high of $4.52 around 11 months ago but has lost 81.42% since then.
