Cresco Labs currently down 1.2% halfway through today

The consumer lifestyle brand developer drops 1.2% in early trade and remains within touching distance of the $1.64 level.

New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data for United States Retail Sales released today at 12:30 UTC is better than expected with 0.3%, but worse than previous figure of 0.4%.

While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.

Despite being in the red so far in the current trading session, Cresco Labs Inc. peaked above its 3 day Simple Moving Average around $1.64 — typically an early indicator of a new bullish trend beginning to emerge. Cresco Labs could begin to recover as it approaches significant support, now 4 cents away from $1.6. Dipping below could be an indication that further losses are ahead.

Despite suffering losses in today's session, technical analysis is indicating that Cresco Labs will undergo a significant bounce in the immediate term.

Positive performances can be seen by looking at other health care stocks as UnitedHealth is trading at $471.11 after ending yesterday's session at $458 (up 2.87%). Astrazeneca PLC is trading at $74.44 after ending yesterday's session at $72.77 (up 2.29%). Novartis added 1.56% to its value, now trading at $101.24.

The medical marijuana company has fallen back around 60.29% from the significant high of $4.18 set 9 months ago.