Yesterday at a glance: pronounced bullish sentiment in the market helped the medical cannabis provider to make a notable 6.8% gain yesterday, rising 7 cents and ultimately closing at $1.1.
United States Non Farm Payrolls data will be released today at 13:30 UTC, with an expected decline to 200,000.
OrganiGram Holdings's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims improved upon its previous reading of 241,000 with a new data release of 225,000.
Meanwhile, United States ISM Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 49, while the previous figure was 50.2. United States Core PCE Price Index (MoM) (Oct) came out at 0.2, while a consensus of analysts was expecting 0.3.
Analysis of OrganiGram Holdings's recent price action suggests OrganiGram Holdings Inc. could be slowing down soon; it is getting close to the resistance line and is now at $1.13, only 3 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that investors are seeking long positions as OrganiGram Holdings price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action remains constrained around the key Fibonacci level of $1.06 currently serving as resistance Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1.1, thereby suggesting that OrganiGram Holdings is becoming overvalued.
Overall, while OrganiGram Holdings has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other health care stocks also showed bullish price action as Pfizer was up 1.9%. Novo Nordisk traded at $126.13 after closing yesterday's trading day at $124.6 (up 1.23%).
OrganiGram Holdings went up yesterday, yet these health care stocks did not follow — UnitedHealth went down 1.98%, closed at $547.76.
Furthermore, the market is looking at United States Non Farm Payrolls projected to decline to 200,000 while previous data was 261,000; data will be released today at 13:30 UTC.
The market is looking forward to the release of new data: United States Unemployment Rate is expected today at 13:30 UTC.
The stock has been trending positively for about a month. Having set a significant high of $2.07 a month ago, the medicinal cannabis specialist is trading 18.94% lower.