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April 25, 2023
Yesterday at a glance: after dipping down to $1.3, Cresco Labs regained earlier losses and reached $1.48.
A study of Cresco Labs's chart reveals various key levels to watch: Cresco Labs Inc. could be slowing down soon; it is getting close to the resistance line and is now at $1.55, only 7 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that Cresco Labs made an initial breakout above its 10 day Simple Moving Average at $1.47, a potential indicator of a newly emerging bullish phase.
With market volatility ebbing, the current technical outlook indicates Cresco Labs will remain range-bound for the immediate future.
A look at other health care stocks also showed bullish price action as Medtronic traded at $89.69 after closing yesterday's trading day at $85.73 (up 4.62%).
While Cresco Labs was bullish yesterday, the following health care stocks underperformed: Abbott Laboratories went down 1.13%, closed at $111.66. Novo Nordisk went down to $170.48, losing 1.26% after it closed at $172.65 yesterday.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million, having previously been at -4.58 million. The figure will be published tomorrow at 14:30 UTC.
Also worthy of note, as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC.
Elsewhere, United States Building Permits scheduled to come out today at 13:30 UTC.
Trending downwards for around a month. Approximately 11 months ago, the medical marijuana company reached a significant high of $5.2 but has struggled to hold onto its gains and declined 73.25% since then.
