Occidental Petroleum Corporation, Valero Energy Corp, Ecopetrol S.A. and others have been slumping.
Markets completed a mixed session yesterday, as Nasdaq closed at 10,426, a 1.1% change. S&P 500 shed 0.65% and closed at 3,589.
Current market events are being influenced by ambiguous macro data as United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.318, while the previous figure was 3.564.
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.
Drops for 4 days and shedding 9.18%: Occidental Petroleum dropped by 2.44% and closed the session at $64.03
Occidental Petroleum Corporation's downtrend has seen it decline 9.18% in 4 days yesterday's session continued down the same path: after ending Monday at $65.63, Occidental Petroleum fell down to $62.73 yesterday and closed at $64.03 — losing 2.44% of its value. The day's trading volume totalled 22.24 million shares — slightly below the 21-day average of 25.47 million.
Continuing a 4 day nosedive: Risk-off sentiment pushes Valero to 1.06% loss yesterday
Having fallen $8.36 in 4 days, yesterday's session continued the recent downtrend: grinding lower but with no clear-cut direction, Valero closed the session at $109.69 after forming a distinct $108.08 – $112.14 range. Yesterday's trading volume was 2.83 million shares which is slightly below the 21-day average of 4.26 million.
Continuing a 4 day nosedive: Bearish Ecopetrol declines 27 cents (2.76%)
More of the same from yesterday's session: Ecopetrol has almost recovered all its losses from a previous close of $9.77 after dipping down to $9.39 yesterday. Over the last 4 days, Ecopetrol has fallen 7.59%. Daily trading volume (1.36 million shares) was slightly above the current multiday average of 1.31 million.
Ecopetrol is currently trading with a market cap of $20.00 billion with an average daily volume of 1.31 million shares. Having set a significant high of $19.65 16 days ago, Ecopetrol is trading 13.08% lower. So far in 2022, it has performed better than the Nasdaq by 22.81%. $43.88 trillion was Ecopetrol's last reported revenue with $5,559.66 being the current EPS.