Cresco Labs's bearish run has lasted 8 days so far (-$1.37). Today's session continued down the same path: pronounced bearish sentiment in the market pushed the consumer lifestyle brand developer into a notable 6.85% slide today, falling 17 cents and ultimately closing at $2.31.
United States Core Retail Sales fell short of the 0.2% projections, with new data of -0.2%. United States Retail Sales fell short of the -0.1% projections, with new data of -0.6%.
While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (Dec) came out at -13.8, while a consensus of analysts was expecting -10.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. According to asset volatility analysis, Cresco Labs's lower Bollinger Band® is at $2.39, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Visual analysis of Cresco Labs's chart shows that Cresco Labs is oscillating around the $2.34 level serving as support.
Overall, the technical outlook suggests Cresco Labs is likely to remain muted for the immediate future, with no clear-cut direction.
Cresco Labs was not the only decliner in the health care sector; CVS Health falls 3.06% today to close at $100.68. Bristol-Myers Squibb Company went down to $75, losing 2.77% after it closed at $77.14 today.
The consumer lifestyle brand developer reached a significant high of $7.7 around 9 months ago but has lost 67.79% since then.