Yesterday at a glance: the consumer packaged goods provider dropped 37.34% early on and traded close to the 94.61 cents level.
Village Farms is currently trading at 94.61 cents following the release of U.S. President Biden speech data from the United States.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Core Durable Goods Orders beat the -0.2% projections, with -0.1%. United States GDP released yesterday at 13:30 UTC is better than expected at 2.9 but down from preceding data of 3.2 according to new data.
Meanwhile, United States New Home Sales (Dec) came out at 616,000, while a consensus of analysts was expecting 617,000.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Village Farms has just crossed the lower Bollinger Band® at $1.1, indicating further losses could be forthcoming.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Village Farms to extend its recent losses.
Village Farms was not the only decliner in the consumer staples sector; PepsiCo closed at $170.22 (down 0.99%).
On the other hand, positive performances could be seen by looking at other consumer staples stocks as Costco gained 1.51%, as it traded at $498.3. Philip Morris International added 0.87% to its value, and traded at $104.32.
Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Dec) is expected today at 13:30 UTC.
The stock has been trending positively for about 30 days. The consumer packaged goods provider has fallen back around 75.25% from the significant high of $6.1 set 10 months ago.