Trulieve Cannabis Corp., Green Thumb Industries Inc., Canopy Growth Corporation and others have been slumping.
Leading equity indices in the US declined as Dow Jones closed at 33,200, a 2.25% change. S&P 500 shed 2.49% and closed at 3,895.75.
This down-slide takes place while United States macroeconomics indicators data published earlier are pointing downward as well — data from United States concerning Core Retail Sales was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 1.2% to -0.2% this month.
What is a downtrend?
A trend is the overall direction of a market or an asset's trading price over a certain period. A downtrend is when the price is generally pointing downwards; there can be certain periods of time when the price increases, yet the trend remains in a downward direction.
43.18% drop, 9 days of losing:
After setting a $8.5 – $9.49 range, Trulieve Cannabis Corp. closed the day 5.35% lower at $8.5. An influx of sellers pushed the medical and recreational cannabis provider to session lows around $8.5 while establishing a $8.5 to $9.49 session range yesterday. Daily trading volume (510,377 shares) was above the current multiday average of 335,485.
41.61% drop, 9 days of losing:
After setting a $9.03 – $10.4 range, Green Thumb Industries closed the day 5.39% lower at $9.13. An influx of sellers pushed Green Thumb Industries to end the session lower around $9.13, while establishing a $9.03 to $10.4 session range yesterday. Daily trading volume (572,974 shares) increased, making up 107% of the 21-day average (535,810).
9 days of a downtrend, losing a total of 39.58%:
After setting a $2.55 – $2.77 range, Canopy Growth closed the day 8.1% lower at $2.61. After ending Wednesday at $2.84, Canopy Growth declined to $2.55 yesterday before closing at $2.61, thereby losing 8.1% in total. The volume of trade was 15.63 million shares, close to the daily average of 15.51 million shares.