Yesterday at a glance: the Canadian cannabis producer found support around the 80.6 cents level, after closing Tuesday at 81.3 cents and dropping by 0.86% yesterday.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in Aurora Cannabis are expected to follow.
United States Crude Oil Inventories fell short of the 395,000 projections, with new data of -1.69 million.
Meanwhile, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
Support/Resistance levels obtained from chart analysis indicate that Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 1 cents away from 79.61 cents. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at 77.1903 cents, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Aurora Cannabis will remain range-bound for the immediate future.
Aurora Cannabis was not the only decliner in the health care sector; Merck lost 2.69% yesterday and closed at $108.28. AbbVie went down 2.18%, closed at $152.93. Medtronic withdraws 1.68% yesterday to close at $79.74.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls projected to decline to 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available today at 13:30 UTC.
Furthermore, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
On a negative trend for around a month. The Canadian cannabis spearhead reached a significant high of $4.46 around 11 months ago but has lost 81.77% since then.