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July 03, 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 6.52% in quick fashion, found support around the $1.5 level and finally closed at $1.5. In contrast, the day's events followed Thursday's session in which the stock closed at $1.61.
United States ISM Manufacturing PMI (Jun) is next today at 14:00 UTC.
Despite being in the red so far in the current trading session, Cresco Labs Inc. peaked above its 50 day Simple Moving Average around $1.61 — typically an early indicator of a new bullish trend beginning to emerge. Cresco Labs's lower Bollinger Band® is at $1.52, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Cresco Labs could begin to recover as it approaches significant support, now 5 cents away from $1.45. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Cresco Labs is set to appreciate despite today's setback.
On the other hand, positive performances could be seen by looking at other health care stocks as Novo Nordisk traded at $161.83 after closing Friday's trading day at $157.03 (up 3.06%). Pfizer was up 1.55%. Novartis was up 1.56%.
Furthermore, United States ISM Manufacturing PMI (Jun) scheduled to come out today at 14:00 UTC.
On a negative trend for around a month. 10 months ago the medical marijuana company reached a significant high of $4.18 but has consequently lost 61.48% since then.
