As traders prepare for a higher market open today, yesterday's bearish sentiment is in focus: Curaleaf shed 3.7%, falling to $5.2.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to 367,000. Potentially significant price fluctuations in Curaleaf are expected to follow.
Meanwhile, United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000. United States JOLTs Job Openings (Sep) released yesterday at 14:00 UTC with a figure of 10.72 million, while the previous figure was 10.28 million. United States ISM Manufacturing PMI (Oct) came out at 50.2, while a consensus of analysts was expecting 50.
Technical chart analysis shows Curaleaf Holdings, Inc. could begin to recover as it approaches significant support, now 12 cents away from $5.08. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that Curaleaf made an initial break below its 3 day Simple Moving Average at $5.34, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $5, a low enough level to, generally, suggest that Curaleaf is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Curaleaf will remain range-bound for the immediate future.
Curaleaf was not the only decliner in the health care sector; Eli Lilly and Company went down 2.63%, closed at $362.09.
On the other hand, positive performances could be seen by looking at other health care stocks as Pfizer added 3.14% to its value, and traded at $48. Anthem was up 2.71%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 367,000 from the preceding figure of 2.59 million.
Furthermore, United States Interest Rate is expected today at 18:00 UTC. United States ISM Non-Manufacturing PMI (Oct) will be released tomorrow at 14:00 UTC.
Curaleaf has recovered 16.13% since descending to a significant low of $4.65 around 28 days ago.