Bearish mood pushes Cresco Labs to session low of $1.64

A quick look at yesterday: an influx of sellers pushed the consumer lifestyle brand developer to end the session lower around $1.66, while establishing a $1.64 to $1.72 session range yesterday.

This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important Crude Oil Inventories data from United States beat analyst expectations of -1.10 million with a reading of 4.49 million. United States Initial Jobless Claims beat the 235,000 projections, with 232,000.

Amid the market gloom, United States ISM Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 46.9, while the previous figure was 47.1.

Cresco Labs Inc. made an initial break below its 10 day Simple Moving Average at $1.67, a possible indication of a forthcoming negative trend. In contrast, Cresco Labs could begin to recover as it approaches significant support, now 3 cents away from $1.63. Dipping below could be an indication that further losses are ahead.

Looking forward, Cresco Labs is poised to extend its strong downtrend and continue declining.

Cresco Labs was not the only decliner in the health care sector; AbbVie went down 3.28%, closed at $137.96. Amgen lost 2.89% yesterday and closed at $214.27.

On the other hand, positive performances could be seen by looking at other health care stocks as Thermo Fisher Scientific traded at $519.38 after closing yesterday's trading day at $508.46 (up 2.15%).

Looking ahead, ongoing depreciation may be prolonged as projections for United States Non Farm Payrolls are set for a continuation of decline with 180,000 while previous data was 253,000; data will be released today at 12:30 UTC. United States Average Hourly Earnings expected to decline to 0.4% while its preceding data was 0.5%, data will be available today at 12:30 UTC. Today at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.

The medical marijuana company has shed 52.65% over the past six months.