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Trading Signals

Upward momentum peaks at $7.5 for Green Thumb Industries

01 May 2023

GTBIF

After closing Friday at $7.1, Green Thumb Industries went up to $7.5 only to drop back some of the way, and is now trading at $7.31.

Green Thumb Industries is currently trading at $7.31 following the release of ISM Manufacturing PMI (Apr) data from the United States.

At the same time, United States ISM Manufacturing PMI (Apr) released today at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) released today at 14:00 UTC with a figure of 50.2, while the previous figure was 46.9.

Technical analysis trend indicators suggest that Green Thumb Industries Inc. made an initial breakout above its 21 day Simple Moving Average at $7.15, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $7.39, thereby suggesting that Green Thumb Industries is becoming overvalued. Technical chart analysis shows Green Thumb Industries could be slowing down soon as it approaches resistance at $7.37. Of course, crossing it might suggest further gains are ahead.

Notwithstanding Green Thumb Industries's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

This rally in Green Thumb Industries's share price coincides with other health care stocks as Bristol-Myers Squibb Company is up 2.65%. Eli Lilly and Company gained 2%, currently at $403.81.

While Green Thumb Industries is higher so far today, these health care stocks are struggling: Thermo Fisher Scientific is down to $547, losing 1.43%, after ending Friday at $554.9.

Also worthy of note, United States JOLTs Job Openings (Mar) will be released tomorrow at 14:00 UTC.

Pointing downwards for around 2 months. Having soared to a high of $15.63 approximately 4 months ago, Green Thumb Industries is now trading 54.59% lower.

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