A 9 day downtrend is ongoing for Aurora Cannabis. Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. As the end of the session approaches, a small gain for the Canadian cannabis spearhead at $1.25 after ranging between $1.22 and $1.28 today.
United States's Consumer Confidence new data released of 100.2 below its previous figure.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Consumer Confidence released today at 15:00 UTC is better than expected at 100.2 but down from preceding data of 102.2 according to new data.
At the same time, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) came out at 10.4, while a consensus of analysts was expecting 10.8. United States CFTC Crude Oil speculative net positions released yesterday at 19:30 UTC with a figure of 252,500, while the previous figure was 278,300.
Aurora Cannabis Inc. made an initial breakout above its 50 day Simple Moving Average at $1.26, a potential indicator of a newly emerging bullish phase. Aurora Cannabis's lower Bollinger Band® is at $1.17, indicating that the market is oversold and fertile for new buyers. In contrast, Aurora Cannabis is 7 cents away from testing key resistance at $1.32. Peaking above this level could inspire market bulls and open the path to further gains.
Examining the technical analysis landscape, Aurora Cannabis might continue its downtrend in the short term.
A look at other health care stocks also shows bullish price action as Sanofi is trading at $45.86 after ending yesterday's session at $45.54 (up 0.7%).
Meanwhile, Johnson & Johnson is trading around $175.94 (down 0.79%).
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released tomorrow at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.49 million. It previously stood at -3.69 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Nov) will be released tomorrow at 13:15 UTC.
Approximately 11 months ago, the Canadian cannabis producer reached a significant high of $6.57 but has struggled to hold onto its gains and declined 81.13% since then.