Yesterday at a glance: pronounced bullish sentiment in the market helped OrganiGram Holdings to make a notable 4.32% gain yesterday, rising 4.02 cents and ultimately closing at 97.01 cents.
United States Core Durable Goods Orders data will be released today at 12:30 UTC, with an expected decline to 0.2%.
OrganiGram Holdings's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories improved upon its previous reading of -1.73 million with a new data release of 2.59 million.
At the same time, United States New Home Sales (Sep) released yesterday at 14:00 UTC with a figure of 603,000, while the previous figure was 677,000. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.192, while the previous figure was 4.228.
OrganiGram Holdings Inc. made an initial breakout above its 50 day Simple Moving Average at 98.3182 cents, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of 92.39 cents to 98.9 cents, Fibonacci-inclined OrganiGram Holdings traders were highly concentrated around active Fibonacci resistance at 96.0888 cents. On the other hand, note that although OrganiGram Holdings is appreciating today after rising as high as 98.9 cents, price action is now slowing and consolidating around 3 cents below the 99.81 cents resistance level. OrganiGram Holdings's upper Bollinger Band® is at $1, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems OrganiGram Holdings likely to continue pointing upward in the short term.
A look at other health care stocks also showed bullish price action as Astrazeneca PLC traded at $57.96 after closing yesterday's trading day at $55.9 (up 3.69%). Anthem traded at $482.58 after closing yesterday's trading day at $469.87 (up 2.71%). Bristol-Myers Squibb Company was up 2.31%.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released today at 12:30 UTC.
Also worthy of note, tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to -5% from the preceding figure of -2%. As things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of 0.2%, following on from the preceding figure of 0.3%. New data is set to be published today at 12:30 UTC.
Pointing downwards for around 6 months. Having set a significant high of $2.48 3 days ago, OrganiGram Holdings is trading 7.38% lower.