Yesterday at a glance: grinding lower but with no clear-cut direction, the Canadian cannabis spearhead closed the session at $1.36 after forming a distinct $1.35 – $1.48 range.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. Data for United States Factory Orders published yesterday at 15:00 UTC came out at 1%, beating projections of 0.7% and showing improvement over the preceding figure of 0.3%. United States ISM Non-Manufacturing Employment (Nov) released yesterday at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
Aurora Cannabis Inc. made an initial break below its 21 day Simple Moving Average at $1.35, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. In contrast, Aurora Cannabis could begin to recover as it approaches significant support, now 5 cents away from $1.31. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Aurora Cannabis to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the Canadian cannabis producer is expected to attract significant bearish sentiment in the coming days.
Aurora Cannabis was not the only decliner in the health care sector; Abbott Laboratories drops 2.48% yesterday to close at $108.09. Eli Lilly and Company closed at $369.29 (down 1.46%).
On the other hand, positive performances could be seen by looking at other health care stocks as Novartis was up 1.08%.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook is scheduled for today at 17:00 UTC.
The Canadian cannabis spearhead is now trading 78.69% below the significant high of $6.57 it set around 11 months ago.