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June 07, 2023
While on a 6 day downtrend With a marginal improvement upon yesterday's session, a mostly flat day so far for the medical marijuana company, range-bound between $1.62 and $1.8 and currently at $1.66.
United States Crude Oil Inventories is next today at 14:30 UTC.
Cresco Labs's state is reflected by market data as United States API Weekly Crude Oil Stock came out at -1.71 million, while a consensus of analysts was expecting 1.5 million.
Cresco Labs Inc. made an initial break below its 10 day Simple Moving Average at $1.72, a possible indication of a forthcoming negative trend. In contrast, Cresco Labs is approaching key support, around 7 cents away from $1.59. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Cresco Labs is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other health care stocks as Merck went down to $110, losing 2.74% after it closed at $113.11 yesterday. UnitedHealth lost 2.13% yesterday and closed at $487.57.
Data to be released today might clear up some of the market fog as United States Crude Oil Inventories expected to decline to 1 million while its preceding data was 4.49 million, data will be available today at 14:30 UTC. United States Initial Jobless Claims projected to come out at 238,000 — worse than previous data of 232,000; data will be released tomorrow at 12:30 UTC.
The consumer lifestyle brand developer has shed 54.3% over the past six months.
