While Aurora Cannabis was in the midst of a 9 day downtrend— in which it lost a total of 18.83%— Yesterday may indicate a change of direction; pronounced bullish sentiment in the market helped the Canadian cannabis producer to make a notable 0.81% gain yesterday, rising 1 cents and ultimately closing at $1.25.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — United States Consumer Confidence released yesterday at 15:00 UTC is better than expected at 100.2 but down from preceding data of 102.2 according to new data.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -7.85 million, while the previous figure was -4.82 million. 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.
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. Crossed the $1.28 Fibonacci level, next level is at $1.43. Aurora Cannabis's lower Bollinger Band® is at $1.17, indicating that the market is oversold and fertile for new buyers. Despite this, Aurora Cannabis could be slowing down soon as it approaches resistance at $1.32. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, Aurora Cannabis might continue its downtrend in the short term.
This rally in Aurora Cannabis's share price coincided with other health care stocks as Sanofi gained 0.72%, as it traded at $45.87.
While Aurora Cannabis was bullish yesterday, the following health care stocks underperformed: Johnson & Johnson went down to $176.09, losing 0.7% after it closed at $177.33 yesterday.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Oct) scheduled to come out tomorrow at 13:30 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.