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February 26, 2023
Mullen Automotive, Inc., SuperCom Ltd., Opendoor Technologies Inc. and others have been slumping.
Leading equity indices in the US declined as Nasdaq lost 1.69% and ended the session at 11,400. Dow Jones shed 1.02% and closed at 32,817.
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.
| Mullen | 38.74% (13.5 cents) depreciation over 9 days (1.5 cents per day average)
After setting a 22.51 cents – 23.98 cents range, Mullen Automotive, Inc. closed the day 4.69% lower at 23.15 cents. The US automotive and EV manufacturer has recovered almost all of its session losses after dipping down to 22.51 cents Friday. Friday's trading volume was 111.87 million shares which is lower than the 21-day average of 172.82 million.
| SuperCom | 33.46% (83 cents) depreciation over 14 days (5.9286 cents per day average)
After setting a $1.78 – $1.88 range, SuperCom closed the day 3.76% lower at $1.79. After ending Thursday at $1.86, SuperCom dropped to $1.78 early in Friday's session and closed at $1.79. In total, it lost 3.76%. The day's trading volume totalled 29,677 shares — under the 21-day average of 52,702.
| Opendoor Technologies Inc | 31.62% (52 cents) depreciation over 7 days (7.4286 cents per day average)
After setting a $1.55 – $1.74 range, Opendoor Technologies Inc closed the day 12.09% lower at $1.6. Early in Friday's session, Opendoor Technologies Inc dropped to $1.55 from $1.82 at the end of Thursday, before closing at $1.6. During the session, it lost 12.09%. Daily trading volume (31.76 million shares) was slightly greater than the current multiday average of 27.40 million. Opendoor Technologies Inc was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of -0.73 per share on revenue of $2.86 billion, topping estimates of -0.79 per share on revenue of $2.43 billion.
Opendoor Technologies Inc was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of -0.73 per share on revenue of $2.86 billion, topping estimates of -0.79 per share on revenue of $2.43 billion.
