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May 23, 2023
Mullen Automotive, Inc., Churchill Downs Incorporated, Bright Mountain Media, Inc. have been the noticable stocks on a downtrend. Here is what you need to know.
The leading indices were losing ground — S&P 500 trades at 4,179 after losing 0.33%. Nasdaq slipping 0.32% and closing at 12,680.
Meanwhile, United States New Home Sales (Apr) came out at 683,000, while a consensus of analysts was expecting 663,000.
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.
15 days of losses drag on for Mullen
Mullen Automotive, Inc. drops 6.95% since opening around 92.21 cents after dipping down to 88.1 cents today, the US automotive and EV manufacturer is recovering but is not yet all the way back to 95.02 cents.
Churchill Downs Incorporated continues a 12 day downtrend; stumbles 1.43% this session
Churchill Downs Incorporated drops 1.43% since opening around $141.5 the horse racing enabler slides down from $141.68 to $139.65, losing $2.03 (1.43%).
4 days of losses drag on for Bright Mountain Media
Bright Mountain Media drops 50% since opening around 4 cents Bright Mountain Media is down to 4 cents, after ending yesterday at 8 cents. Overall, a 50% loss or 4 cents today.
