After ending yesterday at 68.01 cents, Village Farms is currently trading at 73 cents.
United States's Pending Home Sales new data released of -5.2% below its previous figure.
Village Farms's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims beat analyst expectations of 248,000 and the previous reading of 246,000 with new data of 230,000.
On the flip side, Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. Following a previous reading of 2.6, GDP in United States released today at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1.
Village Farms International, Inc. made an initial breakout above its 5 day Simple Moving Average at 73.854 cents, a potential indicator of a newly emerging bullish phase. Village Farms's lower Bollinger Band® is at 69.6238 cents, indicating that the market is oversold and fertile for new buyers. Despite this, Village Farms price action is currently oscillating around the 71.4067 cents resistance level with prices moving above and below several times during the session.
Overall, looking at the technical analysis landscape, it seems Village Farms likely to continue pointing upward in the short term.
A look at other consumer staples stocks also shows bullish price action as Unilever is trading at $55.4 after ending yesterday's session at $54.39 (up 1.85%). Mondelez International is up 1.44%. Costco added 1.11% to its value, now trading at $500.13.
Elsewhere, United States Core PCE Price Index (MoM) (Mar) is scheduled for tomorrow at 12:30 UTC.
Trending downwards for around 2 months. Having soared to a high of $4.46 approximately 11 months ago, the controlled environment agriculture pioneer is now trading 84.75% lower.
