OrganiGram Holdings traders are preparing for a tough opening bell in 2 hours time as pre-market trade emphasizes yesterday's bearish bias. In yesterday's bearish session, the medicinal cannabis specialist shed around 1.1% in quick fashion, found support around the 48.03 cents level and finally closed at 49.45 cents. In contrast, the day's events followed Wednesday's session in which the stock closed at 50 cents.
Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.
While price action maintains a negative bias, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.
OrganiGram Holdings Inc. could begin to recover as it approaches significant support, now 1 cents away from 48.3 cents. Dipping below could be an indication that further losses are ahead. OrganiGram Holdings's lower Bollinger Band® is at 46.9739 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Despite this, having stamped out a session range of 48.03 cents to 50.06 cents, Fibonacci-inclined OrganiGram Holdings traders were highly concentrated around active Fibonacci support at 48.27 cents.
Overall, looking at the technical analysis landscape, it seems OrganiGram Holdings —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
OrganiGram Holdings was not the only decliner in the health care sector; Pfizer lost 0.82% yesterday and closed at $37.58. Amgen lost 0.78% yesterday and closed at $232.29.
On the other hand, positive performances could be seen by looking at other health care stocks as Bristol-Myers Squibb Company traded at $69.08 after closing yesterday's trading day at $68.49 (up 0.86%).
Pointing downwards for around 3 months. The medical cannabis provider is now trading 41.02% below its 3-month high of $1.33.