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March 02, 2023
Opendoor Technologies Inc., Tuya Inc., SuperCom Ltd. and others have been slumping.
Leading equity indices in the US declined as after dropping 0.66%, Nasdaq closed at 11,379. S&P 500 was down 0.47% before closing the session at 3,951.39.
On the flip side, data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 7.65 million to 1.17 million this month.
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.
| Opendoor Technologies Inc | 42.74% (90 cents) depreciation over 10 days (9 cents per day average)
After setting a $1.29 – $1.43 range, Opendoor Technologies Inc. closed the day 6.94% lower at $1.34. After ending Tuesday at $1.44, Opendoor Technologies Inc declined to $1.29 yesterday before closing at $1.34, thereby losing 6.94% in total. Daily trading volume (30.27 million shares) was slightly greater than the current multiday average of 26.13 million.
| Tuya | 36.18% (86 cents) depreciation over 14 days (6.1429 cents per day average)
More of the same from yesterday's session: early in yesterday's session, Tuya dropped to $1.75 from $2.07 at the end of Tuesday, before closing at $1.87. During the session, it lost 9.66%. After setting a $1.75 – $2.23 range, Tuya closed the day 9.66% lower at $1.87. Daily trading volume (1.63 million shares) increased, making up 256% of the 21-day average (638,255).
The cloud and management platform provider's market cap currently stands at $1.19 billion with an average daily volume of 638,255 shares. Tuya hit a significant low of 83 cents around 4 months ago, but has since recovered 149.4%. So far this year, it has been doing worse than the Nasdaq by 15%.
| SuperCom | 34.57% (88 cents) depreciation over 17 days (5.1765 cents per day average)
After setting a $1.72 – $1.86 range, SuperCom closed the day 2.76% lower at $1.76. Pronounced bearish market sentiment ensured that the "e-government" enabler made a notable 2.76% loss yesterday, declining 5 cents and ultimately closing at $1.76. The day's trading volume totalled 34,759 shares — slightly below the 21-day average of 50,397.
