Cresco Labs lost 6.32% during Friday's session; goes up in pre-market trading (+5% to $1.68)

As traders prepare for a higher market open today, Friday's bearish sentiment is in focus: Cresco Labs shed 6.32%, falling to $1.6.

Concerning technical analysis and more specifically, trend indicators, Cresco Labs Inc. made an initial break below its 50 day Simple Moving Average at $1.6, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1.64 currently serving as support. If price action breaks below, the next Fib hurdle is $1.58. Asset volatility analysis shows that Cresco Labs's lower Bollinger Band® is at $1.58, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Cresco Labs chart analysis: Cresco Labs could begin to recover as it approaches significant support, now 6 cents away from $1.54. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates Cresco Labs will remain range-bound for the immediate future.

Cresco Labs was not the only decliner in the health care sector; Astrazeneca PLC lost 2.47% Friday and closed at $72.12. Pfizer went down to $38.3, losing 1.11% after it closed at $38.73 Friday. AbbVie slumps 1.08% Friday to close at $137.41.

Trending downwards for around 30 days. The medical marijuana company has fallen back around 59.14% from the significant high of $4.18 set 9 months ago.