A quick look at yesterday: pronounced bearish sentiment in the market pushed the medicinal cannabis specialist into a notable 5.87% slide yesterday, falling 3.22 cents and ultimately closing at 51.63 cents.
United States Initial Jobless Claims fell short of the 240,000 projections, with new data of 245,000.
Meanwhile, United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
Support/Resistance levels obtained from chart analysis indicate that OrganiGram Holdings Inc. could begin to recover as it approaches significant support, now 1 cents away from 50.54 cents. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note 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. Momentum evaluation shows that the Relative Strength Index indicates OrganiGram Holdings is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that OrganiGram Holdings's lower Bollinger Band® is at 50.703 cents, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests OrganiGram Holdings has no clear-cut direction.
OrganiGram Holdings was not the only decliner in the health care sector; Thermo Fisher Scientific lost 2.41% yesterday and closed at $565.93. Abbott Laboratories lost 1.73% yesterday and closed at $110.35. Medtronic closed at $83.49 (down 1.63%).
On a negative trend for around 3 months. The medicinal cannabis specialist is up 6.24% from the significant low of 51.63 cents it hit a day ago.