Yesterday at a glance: grinding lower but with no clear-cut direction, the medical cannabis provider closed the session at 94.23 cents after forming a distinct 91.16 cents – $1 range.
Data from United States concerning Producer Price Index was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.2% to -0.5% this month. Following a previous reading of -0.6%, Core Retail Sales in United States released yesterday at 13:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1.1%. Highly important Retail Sales data from United States beat analyst expectations of -0.8% with a reading of -1.1%.
OrganiGram Holdings Inc. made an initial break below its 3 day Simple Moving Average at 95.5667 cents, a possible indication of a forthcoming negative trend. Having stamped out a session range of 91.16 cents to $1, Fibonacci-inclined OrganiGram Holdings traders were highly concentrated around active Fibonacci support at 94.54 cents. OrganiGram Holdings's upper Bollinger Band® is at 98.8344 cents which indicates a further downward move may follow. Despite this, OrganiGram Holdings could begin to recover as it approaches significant support, now 4 cents away from 89.9267 cents. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for OrganiGram Holdings.
OrganiGram Holdings was not the only decliner in the health care sector; Pfizer closed at $45 (down 2.34%). AbbVie drops 2.38% yesterday to close at $152.83. Medtronic falls 2.02% yesterday to close at $80.35.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at -593,000 — worse than previous data of 18.96 million; data will be released today at 16:00 UTC. Today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 214,000 from the preceding figure of 205,000.
Furthermore, United States Philadelphia Fed Manufacturing Index (Jan) is scheduled for today at 13:30 UTC.
OrganiGram Holdings hit a significant low of 70.08 cents around 23 days ago, but has since recovered 39.41%.