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February 27, 2023
As traders prepare for a higher market open today, Friday's bearish sentiment is in focus: in Friday's bearish session, the consumer lifestyle brand developer shed around 2.25% in quick fashion, found support around the $1.74 level and finally closed at $1.74. In contrast, the day's events followed Thursday's session in which the stock closed at $1.78.
United States Core Durable Goods Orders data will be released today at 13:30 UTC, with an expected improvement to 0.1%. Cresco Labs reaction to indicator information will follow.
Cresco Labs's notable support and resistance levels: Cresco Labs Inc. could begin to recover as it approaches significant support, now 1 cents away from $1.73. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Cresco Labs's lower Bollinger Band® is at $1.72, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Cresco Labs has no clear-cut direction.
Cresco Labs was not the only decliner in the health care sector; Abbott Laboratories closed at $100.46 (down 2.04%). Eli Lilly and Company lost 1.8% Friday and closed at $321.64. Pfizer closed at $41.75 (down 1.3%).
Looking ahead, ongoing depreciation may be prolonged as United States Pending Home Sales projected to decline to 1% while previous data was 2.5%; data will be released today at 15:00 UTC.
In addition, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published tomorrow at 15:00 UTC.
The consumer lifestyle brand developer has shed 47.02% over the past three months.
