Yesterday at a glance: pronounced bearish sentiment in the market pushed the Canadian cannabis producer into a notable 1.14% slide yesterday, falling 1.12 cents and ultimately closing at 97 cents.
Aurora Cannabis is currently trading at 97 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%. Data from United States concerning GDP was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.2 to 2.9 this month.
Amid the market gloom, United States New Home Sales (Dec) released yesterday at 15:00 UTC with a figure of 616,000, while the previous figure was 602,000.
Aurora Cannabis Inc. made an initial break below its 10 day Simple Moving Average at 96.749 cents, a possible indication of a forthcoming negative trend. Aurora Cannabis's upper Bollinger Band® is at $1.05 which indicates a further downward move may follow. In contrast, Aurora Cannabis could begin to recover as it approaches significant support, now 4 cents away from 97.1867 cents. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Aurora Cannabis to extend its recent losses.
Aurora Cannabis was not the only decliner in the health care sector; Novartis went down to $89.84, losing 3.2% after it closed at $92.81 yesterday. Merck lost 1.58% yesterday and closed at $106.87.
On the other hand, positive performances could be seen by looking at other health care stocks as CVS Health added 2.23% to its value, and traded at $87.66.
Moreover, United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published today at 15:00 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Dec) is scheduled for today at 13:30 UTC.
The stock has been trending positively for about 29 days. Having soared to a high of $4.7 approximately 11 months ago, the Canadian cannabis spearhead is now trading 79.12% lower.