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March 03, 2023
A quick look at yesterday: the medical marijuana company went up to $1.81, gaining 4%.
United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.
Cresco Labs's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000.
At the same time, United States Nonfarm Productivity (QoQ) (Q4) came out at 1.7, while a consensus of analysts was expecting 2.6. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 3.2, while the previous figure was two.
Concerning technical analysis and more specifically, trend indicators, Cresco Labs Inc. made an initial breakout above its 21 day Simple Moving Average at $1.8, a potential indicator of a newly emerging bullish phase. Cresco Labs is currently trading around the $1.8 Fibonacci resistance level. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1.89, thereby suggesting that Cresco Labs is becoming overvalued. Visual analysis of Cresco Labs's chart shows that Cresco Labs is 3 cents away from testing key resistance at $1.84. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, while Cresco Labs has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other health care stocks also showed bullish price action as Abbott Laboratories was up 1.79%. Novartis added 1.55% to its value, and traded at $85.12. Thermo Fisher Scientific gained 1.9%, as it traded at $548.75.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Feb) will be released today at 15:00 UTC.
The consumer lifestyle brand developer has shed 53.35% over the past three months.
