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April 16, 2023
A quick look at Friday: pronounced bearish sentiment in the market pushed the medical marijuana company into a notable 1.33% slide Friday, falling 2 cents and ultimately closing at $1.48.
Cresco Labs Inc. could begin to recover as it approaches significant support, now 2 cents away from $1.46. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Cresco Labs peaked above its 10 day Simple Moving Average around $1.5 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1.4, a low enough level to, generally, suggest that Cresco Labs is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems Cresco Labs might start pointing upward in the short term.
Cresco Labs was not the only decliner in the health care sector; UnitedHealth went down to $511.79, losing 2.74% after it closed at $526.23 Friday. Astrazeneca PLC lost 1.22% Friday and closed at $73.86. Medtronic closed at $80.71 (down 1.08%).
On a negative trend for around a month. The medical marijuana company reached a significant high of $5.54 around 11 months ago but has lost 72.92% since then.
