Friday at a glance: after closing the previous trading day at $1.43 and dropping to $1.38, the medical marijuana company closed Friday at $1.39. By the end of the session, Cresco Labs gave up a total of 2.8%.
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. On the other hand, note that Cresco Labs's lower Bollinger Band® is at $1.38, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Cresco Labs could begin to recover as it approaches significant support, now 2 cents away from $1.37. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Cresco Labs.
On the other hand, positive performances could be seen by looking at other health care stocks as Novo Nordisk was up 4.4%. Eli Lilly and Company traded at $385.24 after closing Friday's trading day at $374.81 (up 2.78%). Medtronic was up 2.68%.
Pointing downwards for around a month. The medical marijuana company is up 2.88% from the significant low of $1.39 it hit 2 days ago.