Enduring a bearish run, Cresco Labs closed at $1.51 to complete today's session

Cresco Labs has been losing ground for 3 days, shedding a total of 6.21% of its value. With a marginal improvement upon today's session, after ending yesterday at $1.51, Cresco Labs went up to $1.63 only to drop back to its starting point and close at $1.51.

Cresco Labs is currently trading at $1.51 following the release of Existing Home Sales (Apr) data from the United States.

Uncertainty around Cresco Labs is reflected by published market data as United States Existing Home Sales (Apr) released today at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8. United States Initial Jobless Claims came out at 242,000, better than analyst estimates of 254,000 and improving upon the previous reading of 264,000.

Cresco Labs Inc. made an initial breakout above its 50 day Simple Moving Average at $1.57, a potential indicator of a newly emerging bullish phase. Cresco Labs is approaching key support, around 3 cents away from $1.48. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite muted price action in Cresco Labs, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances were seen by other health care stocks as Bristol-Myers Squibb Company descends 1.25% today to close at $66.53. Novartis lost 0.86% today and closed at $100.35.

Data to be released tomorrow might clear up some of the market fog as United States Fed Chair Powell speech is scheduled tomorrow at 15:00 UTC.

The consumer lifestyle brand developer has shed 56.73% over the past six months.