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March 12, 2023
Friday at a glance: an influx of sellers pushed the medical marijuana company to session lows around $1.8 while establishing a $1.8 to $1.91 session range Friday.
Cresco Labs Inc. made an initial break below its 50 day Simple Moving Average at $1.85, a possible indication of a forthcoming negative trend. In contrast, Cresco Labs could begin to recover as it approaches significant support, now 4 cents away from $1.78. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Cresco Labs to extend its recent losses.
Cresco Labs was not the only decliner in the health care sector; Medtronic went down to $76.72, losing 1.64% after it closed at $78 Friday. Thermo Fisher Scientific went down 1.7%, closed at $553.21.
On the other hand, positive performances could be seen by looking at other health care stocks as AbbVie added 1.6% to its value, and traded at $149.71.
Having soared to a high of $6.53 approximately 11 months ago, the consumer lifestyle brand developer is now trading 71.09% lower.
