A quick look at yesterday: grinding lower but with no clear-cut direction, the controlled environment agriculture pioneer closed the session at $1.98 after forming a distinct $1.96 – $2.02 range.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2.
Meanwhile, United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released yesterday at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
Bollinger Bands® shows an indication of recovery: the lower band is at $1.84, a low enough level to, generally, suggest that Village Farms International, Inc. is trading below its fair value. Village Farms could begin to recover as it approaches significant support, now 3 cents away from $1.95. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that Village Farms (currently on a downtrend) might reverse course and start pointing upward in the short term.
Village Farms was not the only decliner in the consumer staples sector; Procter & Gamble went down to $145.48, losing 0.76% after it closed at $146.6 yesterday. PepsiCo went down to $182.59, losing 0.71% after it closed at $183.89 yesterday. Coca-Cola closed at $62.48 (down 0.35%).
Moreover, United States Pending Home Sales is projected to outperform its last figure with -5%, having previously been at -10.2%. The figure will be published today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Oct) scheduled to come out tomorrow at 13:30 UTC.
The controlled environment agriculture pioneer is now trading 71.89% below the significant high of $7.08 it set around 10 months ago.