While on a 3 day slump, falling a total of 17.5%, More of the same today: Aurora Cannabis is down to $1.16, after ending yesterday at $1.21. Overall, a 4.55% loss or 5.5 cents today.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -5.19 million.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -3.31 million with a reading of -5.19 million.
Meanwhile, United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of -373,000, while the previous figure was -415,000. United States Unit Labor Costs (QoQ) (Q3) came out at 2.4, while a consensus of analysts was expecting 3.1.
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. After descending below strong Fibonacci support at $1.13, market bears have earmarked $1.04 as the next downside target. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $1.13, a low enough level to, generally, suggest that Aurora Cannabis is trading below its fair value. Chart analysis indicates Aurora Cannabis fell below the $1.14 support zone and moved 1 cents beyond it; the next level of support with significant buyer interest is estimated at $1.07.
All in all, the technical analysis suggests Aurora Cannabis has no clear-cut direction.
Positive performances can be seen by looking at other health care stocks as Pfizer gained 1.89%, currently at $50.65. Novartis is up 1.15% to $91.78.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Initial Jobless Claims are set for a continuation of decline with 230,000 while previous data was 225,000; data will be released tomorrow at 13:30 UTC.
The Canadian cannabis spearhead is now trading 81.58% below the significant high of $6.57 it set around 11 months ago.