Cresco Labs breaks a 9 day downtrend, increases to $1.68

While Cresco Labs was in the midst of a 9 day downtrend— in which it lost a total of 7.18%— A possible reversal detected from Friday; after closing at $1.66 on Thursday, Cresco Labs maintained a strong bullish bias that helped the stock close higher at $1.68 Friday. However, market bears ensured the the medical marijuana company topped out at $1.72 and that by the end of the session, the market had marked out a distinct $1.64 to $1.72 range.

Cresco Labs Inc. made an initial breakout above its 5 day Simple Moving Average at $1.66, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1.69 currently serving as resistance On the other hand, note that Cresco Labs reversed direction at $1.72 resistance zone and retreated back 4 cents below it.

Examining the technical analysis landscape, Cresco Labs might continue its downtrend in the short term.

A look at other health care stocks also showed bullish price action as Stryker added 1.4% to its value, and traded at $280.64. Abbott Laboratories traded at $101.69 after closing Friday's trading day at $100.78 (up 0.9%).

Over the past 9 months, the medical marijuana company has retreated 60.29% from a noteworthy peak of $4.18.