OrganiGram Holdings recovered from the previous trading session's losses and went up to 76.89 cents yesterday after it traded lower at 74.35 cents.
- United States New Home Sales (Jan) is next today at 15:00 UTC.
- Yesterday's gains stand in contrast to OrganiGram Holdings's slide (lasting 16 days) in which it lost 18.36 cents.
Earlier data releases related to OrganiGram Holdings – United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4. Highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million.
Technical analysis of OrganiGram Holdings before macro data is released:
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that OrganiGram Holdings's lower Bollinger Band® is at 74.2857 cents, indicating that the market is oversold and fertile for new buyers. A study of OrganiGram Holdings's chart reveals various key levels to watch: OrganiGram Holdings could be slowing down soon as it approaches resistance at 78.45 cents. Of course, crossing it might suggest further gains are ahead.
Overall, the technical outlook suggests OrganiGram Holdings is likely to remain muted for the immediate future, with no clear-cut direction.
Coming up for OrganiGram Holdings — United States New Home Sales (Jan) scheduled to come out today at 15:00 UTC.
As the markets get ready for more data to be released — Merck traded at $110.59 after closing yesterday's trading day at $109.16 (up 1.31%). Medtronic closed at $84 (down 1.3%). AbbVie was up 0.93%.
Trading mostly sideways for a month. The medical cannabis provider has fallen back around 57.77% from the significant high of $1.81 set 10 months ago.