Oatly Group AB, Similarweb Ltd., Iovance Biotherapeutics, Inc. have been the noticable small cap stocks on a downtrend. Here is what you need to know.
Leading equity indices in the US rose as Nasdaq gained 0.99% and closed at 11,300. S&P 500 ended the session at 4,027.26 after a 0.59% gain.
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.
9 days of a downtrend, losing a total of 34.69%: Oatly sheds 4.19% within $1.58 to $1.7 daily range
Oatly Group AB has lost 34.69% over the last 9 days. more of the same from Wednesday's session: an influx of sellers pushed the Swedish food company to end the session lower around $1.6, while establishing a $1.58 to $1.7 session range Wednesday. Daily trading volume (4.64 million shares) was slightly greater than the current multiday average of 4.25 million.
Draws back for 7 days and losing 31.78%, Similarweb ended the session at $4.53 (-1.09%)
Similarweb's bearish run has lasted 7 days so far (-$2.06). Wednesday's session continued down the same path: despite the risk-off mood, Similarweb was range-bound between $4.45 to $4.63 and settled at $4.53. The day's trading volume totalled 74,171 shares — lower than the 21-day average of 173,588.
Continuing a 9 day nosedive: Risk-off mood drags Iovance Biotherapeutics 0.96% lower
Over the last 9 days, Iovance Biotherapeutics has fallen 29.95%. Wednesday's session continued the recent downtrend: grinding lower but with no clear-cut direction, the US biotech pioneer closed the session at $6.22 after forming a distinct $6.06 – $6.39 range. Wednesday's trading volume was 3.33 million shares which is slightly below the 21-day average of 3.42 million.