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March 08, 2023
Yesterday at a glance: the Canadian cannabis spearhead dropped 2.3% early on and traded close to the 81.3 cents level.
United States ADP Nonfarm Employment Change (Feb) is next today at 13:15 UTC.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3.83 million, while the previous figure was 6.20 million. Fresh 3-Year Note Auction data from United States came out at 4.635.
Aurora Cannabis Inc.'s lower Bollinger Band® is at 77.6059 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Aurora Cannabis could begin to recover as it approaches significant support, now 1 cents away from 80.6133 cents. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Aurora Cannabis —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Aurora Cannabis was not the only decliner in the health care sector; Abbott Laboratories lost 2.7% yesterday and closed at $100. Medtronic closed at $79.74 (down 2.67%). CVS Health dips 3.04% yesterday to close at $82.97.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 395,000, following on from the preceding figure of 1.17 million. New data is set to be published today at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) is scheduled for today at 13:15 UTC. United States JOLTs Job Openings (Jan) will be released today at 15:00 UTC.
On a negative trend for around a month. The Canadian cannabis producer has recovered 2.35% since descending to a significant low of 81.3 cents around a day ago.
