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June 13, 2023
The main stocks that are plunging: Mullen Automotive, Inc., DISH Network Corp, Cresco Labs Inc.
Leading equity indices in the US rose as S&P 500 gained 0.69% and closed at 4,369. Nasdaq ended the session at 13,573 after a 0.83% gain.
More data out today as United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%.
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 Automotive | 56.96% (36.09 cents) depreciation over 8 days (4.5113 cents per day average)
After setting a 31.81 cents – 35.99 cents range, Mullen Automotive, Inc. closed the day 16.71% lower at 32.15 cents. After ending yesterday at 38.6 cents, Mullen dropped to 31.81 cents early in today's session and closed at 32.15 cents. In total, it lost 16.71%. Daily trading volume (94.55 million shares) increased, making up 186% of the 21-day average (50.93 million).
| DISH | continues a 5 day decline; goes down 0.91% today
After setting a $6.47 – $6.79 range, Dish Network closed the day 0.91% lower at $6.54. Despite the risk-off mood, DISH was range-bound between $6.47 to $6.79 and settled at $6.54. Today's trading volume was 12.78 million shares which is slightly below the 21-day average of 14.61 million.
Cresco Labs continues an 11 day downtrend; falls 4.19% today
After setting a $1.6 – $1.72 range, Cresco Labs closed the day 4.19% lower at $1.6. An influx of sellers pushed the medical marijuana company to session lows around $1.6 while establishing a $1.6 to $1.72 session range today. Daily trading volume (1 million shares) increased, making up 153% of the 21-day average (697,005).
