A quick look at yesterday: Aurora Cannabis found support around the $1.04 level, after closing Friday at $1.1 and dropping by 5.45% yesterday.
Consumer Confidence data from United States will be released today at 14:00 UTC with analysts expecting a decline to 106.5. Potentially significant price fluctuations in Aurora Cannabis are expected to follow.
Amid the market gloom, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Aug) released today at 13:00 UTC with a figure of 13.1, while the previous figure was 16. United States Services PMI came out at 46.6, while a consensus of analysts was expecting 49.2. United States Composite PMI came out at 47.3, while a consensus of analysts was expecting 49.3.
Technical chart analysis shows Aurora Cannabis Inc. could begin to recover as it approaches significant support, now 3 cents away from $1. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that Aurora Cannabis made an initial break below its 10 day Simple Moving Average at $1.08, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Aurora Cannabis's lower Bollinger Band® is at 95.3662 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Aurora Cannabis has no clear-cut direction.
On the other hand, positive performances could be seen by looking at other health care stocks as Abbott Laboratories was up 3.4%. Amgen was up 3.72%. AbbVie was up 2.6%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 106.5 from the preceding figure of 108.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States New Home Sales (Sep) is expected tomorrow at 14:00 UTC.
Trending downwards for around 2 months. Aurora Cannabis has recovered 5.77% since descending to a significant low of $1.04 around a day ago.