A quick look at yesterday: the Canadian cannabis producer has recovered almost all of its session losses after dipping down to 93.01 cents yesterday.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Crude Oil Inventories beat the -593,000 projections, with 8.41 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 214,000 with a reading of 190,000.
While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (Jan) came out at -8.9, while a consensus of analysts was expecting -11.
Aurora Cannabis Inc. made an initial break below its 10 day Simple Moving Average at 93.372 cents, a possible indication of a forthcoming negative trend. Aurora Cannabis's upper Bollinger Band® is at $1.02 which indicates a further downward move may follow. In contrast, Aurora Cannabis could begin to recover as it approaches significant support, now 2 cents away from 91.72 cents. Dipping below could be an indication that further losses are ahead.
In the short term, Aurora Cannabis is expected to maintain its recent downtrend and continue spiralling lower.
On the other hand, positive performances could be seen by looking at other health care stocks as Bristol-Myers Squibb Company gained 2.23%, as it traded at $73.75. UnitedHealth was up 1.71%. Medtronic added 1% to its value, and traded at $79.52.
Furthermore, United States Existing Home Sales (Dec) is expected today at 15:00 UTC.
Aurora Cannabis has shed $3.92 points and is languishing 79.92% lower over the past year, leaving its yearly highs around $4.86 in the rear-view mirror.