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May 18, 2023
Mullen Automotive, Inc., Similarweb Ltd., Tandem Diabetes Care, Inc. have been the noticable stocks on a downtrend. Here is what you need to know.
Markets had an interesting day today; Nasdaq ended the session at 12,700 after a 1.51% gain. S&P 500 closed the day at 4,198, having gained 0.94%.
More data out today 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.
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 | 41.23% (79.5 cents) depreciation over 12 days (6.625 cents per day average)
After setting a $1.16 – $1.25 range, Mullen Automotive, Inc. closed the day 3.25% lower at $1.19. An influx of sellers pushed the US automotive and EV manufacturer to end the session lower around $1.19, while establishing a $1.16 to $1.25 session range today. Trading volume totalled 27 million which equates to around 12% of the stock's 21-day average today.
| Similarweb | 25.08% ($1.59) depreciation over 12 days (13.25 cents per day average)
After setting a $4.89 – $5.12 range, Similarweb closed the day 1% lower at $4.9. Despite the risk-off mood, Similarweb was range-bound between $4.89 to $5.12 and settled at $4.9. Daily trading volume (134,585 shares) was higher than the current multiday average of 75,658.
| Tandem Diabetes Care | 25.86% ($9.54) depreciation over 11 days (86.7273 cents per day average)
After setting a $29.35 – $30.57 range, Tandem Diabetes Care closed the day 2.6% lower at $29.62. The US medical device manufacturer has recovered almost all of its session losses after dipping down to $29.35 today. Trading volume totalled 1 million which equates to around 71% of the stock's 21-day average today.
