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June 19, 2023
Sundial Growers Inc., CRISPR Therapeutics AG, Canopy Growth Corporation and others have been slumping.
Leading equity indices in the US declined as after dropping 0.68%, Nasdaq closed at 13,700. S&P 500 shed 0.37% and closed at 4,409.59.
What is a downtrend?
The perceived tendency of a price to move in a downward direction over time. A downtrend describes the price movement of a continously depreciative financial asset over a particular time frame. In a downtrend, each successive low and peak is lower than the ones found earlier in the trend. The downtrend is therefore composed of lower swing lows and lower swing highs.
| Sundial Growers | 23.5% (41 cents) depreciation over 19 days (2.1579 cents per day average)
After setting a $1.39 – $1.45 range, Sundial Growers Inc. closed the day 1.41% lower at $1.4. Pronounced bearish market sentiment ensured that the high quality cannabis cultivator made a notable 1.41% loss Friday, declining 2 cents and ultimately closing at $1.4. Friday's trading volume was 2.11 million shares which is slightly below the 21-day average of 3.10 million.
CRISPR Therapeutics continues an 18 day downtrend; descends 2.02% Friday
After setting a $57.61 – $59.81 range, CRISPR Therapeutics closed the day 2.02% lower at $57.75. Pronounced bearish sentiment in the market pushed the gene-editing biotech company into a notable 2.02% slide Friday, falling $1.19 and ultimately closing at $57.75. Daily trading volume (2 million shares) was higher than the current multiday average of 1.37 million.
| Canopy Growth | 13.7% (8.26 cents) depreciation over 5 days (1.652 cents per day average)
After setting a 62.66 cents – 65.87 cents range, Canopy Growth closed the day 2.69% lower at 62.99 cents. An influx of sellers pushed the cannabis producer to session lows around 62.66 cents while establishing a 62.66 cents to 65.87 cents session range Friday. Friday's trading volume was 10.73 million shares which is slightly below the 21-day average of 11.80 million.
