Yesterday at a glance: despite the risk-off mood, Cresco Labs was range-bound between $1.73 to $1.87 and settled at $1.75.
Cresco Labs is currently trading at $1.75 following the release of U.S. President Biden speech data from the United States.
This down-slide takes place while positive United States macroeconomics indicators data 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.
While price action maintains a negative bias, United States New Home Sales (Dec) came out at 616,000, while a consensus of analysts was expecting 617,000.
With regards to technical trend indicators, chart analysis show 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $1.74, a low enough level to, generally, suggest that Cresco Labs is trading below its fair value. Visual analysis of Cresco Labs's chart shows that Cresco Labs pushed below the $1.78 support level and extended 3 cents beyond it.
With market volatility ebbing, the current technical outlook indicates Cresco Labs will remain range-bound for the immediate future.
Cresco Labs was not the only decliner in the health care sector; Novartis closed at $89.84 (down 3.2%). Merck went down to $106.87, losing 1.58% after it closed at $108.59 yesterday.
On the other hand, positive performances could be seen by looking at other health care stocks as CVS Health gained 2.23%, as it traded at $87.66.
In addition, United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Dec) is scheduled for today at 13:30 UTC.
The medical marijuana company has fallen back around 76.36% from the significant high of $7.7 set 11 months ago.