Aurora Cannabis loses 3.09% in pre-market trading and is currently at 80 cents. The trading session was interesting — reached a new low (for the first time in 2 months), but later recovered some and closed at 82.55 cents.
United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.
Aurora Cannabis's uptick comes amid good United States macroeconomic data released during the day — highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 190,000.
Meanwhile, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.
Visual analysis of Aurora Cannabis's chart shows that Aurora Cannabis Inc. is 1 cents away from testing key resistance at 83.34 cents. Peaking above this level could inspire market bulls and open the path to further gains. Concerning technical analysis and more specifically, trend indicators, 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. Yesterday's price action generated a Japanese candlestick pattern showing '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. Asset volatility analysis shows that Aurora Cannabis's lower Bollinger Band® is at 77.0111 cents, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates Aurora Cannabis will remain range-bound for the immediate future.
A look at other health care stocks also showed bullish price action as Abbott Laboratories was up 1.79%. Novartis traded at $85.12 after closing yesterday's trading day at $83.82 (up 1.55%). Thermo Fisher Scientific was up 1.9%.
Also worthy of note, United States ISM Non-Manufacturing PMI (Feb) is expected today at 15:00 UTC.
The Canadian cannabis spearhead has fallen back around 81.68% from the significant high of $4.46 set 11 months ago.