Slightly weaker but mostly flat: OrganiGram Holdings is currently trading at 91.08 cents as it maintains an active range between 90.11 cents and 94 cents.
Amid the market gloom, data for United States Industrial Production published today at 13:15 UTC came out at 0.4%, beating projections of 0.1% and showing improvement over the preceding figure of -0.1%. Beating their previous number of 3.91%, United States Industrial Production released 5.33% today at 13:15 UTC. United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
OrganiGram Holdings Inc. made an initial break below its 21 day Simple Moving Average at 92.0271 cents, a possible indication of a forthcoming negative trend. OrganiGram Holdings's upper Bollinger band is at 99.157 cents which indicates a further downward move may follow. On the other hand, note that OrganiGram Holdings could begin to recover as it approaches significant support, now 1 cents away from 89.9567 cents. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts OrganiGram Holdings to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the OrganiGram Holdings is expected to attract significant bearish sentiment in the coming days.
Positive performances can be seen by looking at other health care stocks as Anthem added 2.71% to its value, now trading at $482.58. Medtronic is up 1.97%. Abbott Laboratories is trading at $104.97 after ending yesterday's session at $103.52 (up 1.4%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.55 million, following on from the preceding figure of 9.88 million. New data is set to be published tomorrow at 14:30 UTC.
Furthermore, United States Building Permits (Sep) scheduled to come out tomorrow at 12:30 UTC.
Pointing downwards for around 6 months. OrganiGram Holdings is now trading 62.97% below the significant high of $2.48 it set around 11 months ago.