A 7 day downtrend is ongoing for Aurora Cannabis. Yesterday may indicate a change of direction; generally flat but with a slight bullish bias, Aurora Cannabis ranged between $1.29 and $1.37 before closing higher at $1.33.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.9% with new data of 0.5%.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -3.69 million.
Meanwhile, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
Aurora Cannabis Inc. made an initial breakout above its 21 day Simple Moving Average at $1.35, a potential indicator of a newly emerging bullish phase. Despite this, Aurora Cannabis reversed direction at $1.37 resistance zone and retreated back 4 cents below it.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Aurora Cannabis to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the Canadian cannabis producer is expected to pick up significant bullish sentiment in the coming days.
A look at other health care stocks also showed bullish price action as Novo Nordisk gained 2.12%, as it traded at $117.83. Medtronic added 1.4% to its value, and traded at $79.
The stock has been trending positively for about a month. 11 months ago the Canadian cannabis producer reached a significant high of $6.79 but has consequently lost 80.71% since then.