Investors are currently sidelined due to the Good Friday holiday but will return to their desks Monday. Looking back over the previous session Thursday: after closing at 64.7 cents on Wednesday, Aurora Cannabis maintained a strong bullish bias that helped the stock close higher at 65.46 cents Thursday. However, market bears ensured the the Canadian cannabis producer topped out at 66.28 cents and that by the end of the session, the market had marked out a distinct 63 cents to 66.28 cents range.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Unemployment Rate came out at 3.5, better than analyst estimates of 3.6 and improving upon the previous reading of 3.6.
On the flip side, Non Farm Payrolls in United States fell short of market expectations (239,000) with a reading of 236,000, continuing the decline from the previous figure of 326,000.
At the same time, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Aurora Cannabis made an initial breakout above its 3 day Simple Moving Average at 66.11 cents, a potential indicator of a newly emerging bullish phase. Aurora Cannabis's lower Bollinger Band® is at 63.5069 cents, indicating that the market is oversold and fertile for new buyers. On the other hand, note that although Aurora Cannabis is appreciating today after rising as high as 66.28 cents, price action is now slowing and consolidating around 1 cents below the 66.8267 cents resistance level.
Aurora Cannabis continues to move higher with technical analysis indicating the trend will continue in the short term.
This rally in Aurora Cannabis's share price coincided with other health care stocks as Bristol-Myers Squibb Company was up 2.15%. Sanofi added 2% to its value, and traded at $55.93. Eli Lilly and Company was up 1.67%.
Pointing downwards for around 2 months. 11 months ago the Canadian cannabis spearhead reached a significant high of $3.69 but has consequently lost 82.47% since then.