As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: the medical and recreational cannabis provider has recovered almost all of its session losses after dipping down to $6.52 yesterday.
United States Fed Chair Powell speech is next today at 17:00 UTC.
Despite being in the red so far in the current trading session, Trulieve Cannabis Corp. peaked above its 10 day Simple Moving Average around $6.62 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $6.21, a low enough level to, generally, suggest that Trulieve Cannabis is trading below its fair value. Trulieve Cannabis could begin to recover as it approaches significant support, now 10 cents away from $6.48. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Trulieve Cannabis might start pointing upward in the short term.
Trulieve Cannabis was not the only decliner in the health care sector; Stryker drops 4.12% yesterday to close at $283.14. Medtronic dips 2.14% yesterday to close at $87.1. Thermo Fisher Scientific went down to $576.17, losing 1.97% after it closed at $587.76 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 2.15 million while previous data was 4.14 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States Fed Chair Powell speech will be released today at 17:00 UTC. United States EIA Short-Term Energy Outlook is scheduled for today at 17:00 UTC.
Trending downwards for around a month. The medical and recreational cannabis provider has fallen back around 74.78% over the past 11 months, from a notable high of $26.27.