Range-bound market sets stage for these 3 stocks to continue their downtrends

The main stocks that are plunging: CommScope Holding Company, Inc., PowerFleet, Inc., Baidu Inc

Markets did not have a clear cut direction — Dow Jones slipped 0.23% and closed at 33,900. Nasdaq closed at 12,157 after a flat day.

This limbo state is reflected by market data published as Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000.

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.

| CommScope Holding Company, Inc. | continues a 13 day decline; withdraws 1.66% yesterday

After setting a $4.62 – $4.79 range, CommScope Holding Company, Inc. closed the day 1.66% lower at $4.73. Pronounced bearish market sentiment ensured that the broadband enterprise business made a notable 1.66% loss yesterday, declining 8 cents and ultimately closing at $4.73. Daily trading volume (3.85 million shares) increased, making up 145% of the 21-day average (2.65 million).

| PowerFleet | 20.41% (61 cents) depreciation over 13 days (4.6923 cents per day average)

After setting a $2.69 – $2.8 range, PowerFleet closed the day 3.19% lower at $2.73. Early in yesterday's session, PowerFleet dropped to $2.69 from $2.82 at the end of Tuesday, before closing at $2.73. During the session, it lost 3.19%. Daily trading volume (55,574 shares) was slightly above the current multiday average of 45,941.

Baidu continues a 16 day downtrend; draws back 2.31% yesterday

After setting a $127.61 – $129.19 range, Baidu closed the day 2.31% lower at $128.15. After ending Tuesday at $131.18, Baidu declined to $127.61 yesterday before closing at $128.15, thereby losing 2.31% in total. The day's trading volume totalled 1.85 million shares — below the 21-day average of 2.84 million.