Cresco Labs trades up 4.75 cents, approximately 2.79% higher going into close in a hour time

The consumer lifestyle brand developer gains 4.75 cents (2.79%) and hovers around the $1.75 level as it reaches the end of the trading session.

Cresco Labs is currently trading at $1.75 following the release of Fed Chair Powell testimony data from the United States.

Meanwhile, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States 20-Year Bond Auction released today at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954. United States Housing Starts beat analyst expectations of -0.8% and the previous reading of -2.9% with new data of 21.7%.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Crossed the $1.74 Fibonacci level, next level is at $1.89. In contrast, although Cresco Labs is appreciating today after rising as high as $1.82, price action is now slowing and consolidating around 3 cents below the $1.78 resistance level.

Overall, looking at the technical analysis landscape, it seems Cresco Labs might continue pointing upwards in the short term.

A look at other health care stocks also shows bullish price action as UnitedHealth is trading at $476.97 after ending yesterday's session at $469.39 (up 1.61%). Sanofi is trading at $53.65 after ending yesterday's session at $53.1 (up 1.03%). Merck is up 0.93%.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.

Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC.

The market is looking forward to the release of new data: United States Existing Home Sales (May) is expected tomorrow at 14:00 UTC.

Having soared to a high of $4.18 approximately 9 months ago, the medical marijuana company is now trading 59.27% lower.