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June 29, 2023
Cresco Labs recovered from the previous trading session's losses and went up to $1.61 yesterday after it traded lower at $1.56.
- United States GDP data will be released today at 12:30 UTC, with an expected decline to 1.4.
- Yesterday's gains stand in contrast to Cresco Labs's slide (lasting 5 days) in which it lost 10.8 cents.
Earlier data releases related to Cresco Labs – data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of -3.83 million to -9.60 million this month. United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827.
Technical analysis of Cresco Labs before macro data is released:
Cresco Labs Inc. could be slowing down soon; it is getting close to the resistance line and is now at $1.64, only 3 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains on yesterday, Cresco Labs slid below its 50 day Simple Moving Average at $1.6 during the last session — an early indicator that a negative trend could be emerging. On the other hand, note that Cresco Labs's lower Bollinger Band® is at $1.58, indicating that the market is oversold and fertile for new buyers.
Technical analysis of Cresco Labs price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Coming up for Cresco Labs — as things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 1.4, following on from the preceding figure of 2.6. New data is set to be published today at 12:30 UTC. United States Initial Jobless Claims projected to come out at 266,000 — worse than previous data of 264,000; data will be released today at 12:30 UTC.
As the markets get ready for more data to be released — UnitedHealth closed at $474.45 (down 1.68%). Eli Lilly and Company went down 1.25%, closed at $464.5. Bristol-Myers Squibb Company decreases 1.02% yesterday to close at $64.75.
Pointing downwards for around a month. 9 months ago the medical marijuana company reached a significant high of $4.18 but has consequently lost 61.72% since then.
