Though in the midst of a 5 day uptrend, gaining a total of 3.79%, (27 cents), Yesterday's session suggests run might be coming to an end — after closing the previous trading day at $6.67 and dropping to $6.44, the leading medical and recreational marijuana dispensary closed yesterday at $6.64. By the end of the session, Curaleaf gave up a total of 0.41%.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Consumer Confidence released yesterday at 15:00 UTC is better than expected at 100.2 but down from preceding data of 102.2 according to new data.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -7.85 million, while the previous figure was -4.82 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) came out at 10.4, while a consensus of analysts was expecting 10.8.
Curaleaf Holdings, Inc. made an initial break below its 5 day Simple Moving Average at $6.58, a possible indication of a forthcoming negative trend. Despite this, Curaleaf could begin to recover as it approaches significant support, now 19 cents away from $6.46. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Curaleaf to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the leading medical and recreational marijuana dispensary is expected to attract significant bearish sentiment in the coming days.
Curaleaf was not the only decliner in the health care sector; Johnson & Johnson went down to $176.09, losing 0.7% after it closed at $177.33 yesterday.
On the other hand, positive performances could be seen by looking at other health care stocks as Sanofi traded at $45.87 after closing yesterday's trading day at $45.54 (up 0.72%).
Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Oct) is scheduled for tomorrow at 13:30 UTC.
Curaleaf hit a significant low of $4.65 around a month ago, but has since recovered 43.44%.