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February 28, 2023
Bright Mountain Media, Inc., Nektar Therapeutics, Mullen Automotive, Inc. and others have been slumping.
Markets had an interesting day yesterday; Nasdaq gained 0.63% and closed at 11,467. S&P 500 closed the day at 3,982.24, having gained 0.31%.
Uptick coincides with some positive signs published earlier as highly important Pending Home Sales data from United States beat analyst expectations of 1% with a reading of 8.1%.
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.
| Bright Mountain Media | 71.43% (20 cents) depreciation over 4 days (5 cents per day average)
After setting a 9.5 cents – 15 cents range, Bright Mountain Media, Inc. closed the day 33.33% lower at 10 cents. During yesterday's session, Bright Mountain Media toiled and struggled for upward momentum before closing at 10 cents. By the close, the the digital advertising specialist suffered a 5 cents or 33.33% loss. Daily trading volume (115,009 shares) increased, making up 1,600% of the 21-day average (7,198).
| Nektar Therapeutics | 53.82% ($1.52) depreciation over 4 days (38 cents per day average)
After setting a $1.38 – $1.47 range, Nektar Therapeutics closed the day 6.71% lower at $1.39. Nektar Therapeutics falls 1.44% in pre-market and trades at $1.37. This builds on a session of losses in which it closed at $1.39 after dropping to $1.38 for the first time in 2 months. Despite the risk-off mood, Nektar Therapeutics was range-bound between $1.38 to $1.47 and settled at $1.39. Daily trading volume (4.55 million shares) was higher than the current multiday average of 2.60 million.
| Mullen Automotive | 42.6% (14.64 cents) depreciation over 10 days (1.464 cents per day average)
Yesterday's session continued down the same path: an influx of sellers pushed the US automotive and EV manufacturer to end the session lower around 21.69 cents, while establishing a 21.57 cents to 23.1 cents session range yesterday. After setting a 21.57 cents – 23.1 cents range, Mullen closed the day 6.31% lower at 21.69 cents. Mullen Automotive gains 1.84% in pre-market and trades at 22.09 cents. This comes following a session of losses in which it closed at 21.69 cents after dropping to 21.57 cents for the first time in 2 months and a half. Daily trading volume (177.82 million shares) was slightly greater than the current multiday average of 170.42 million.
Mullen has a market cap of $378.97 million with an average daily trading volume of 170.42 million shares. 11 months ago the automotive industry company reached a significant high of $3.31 but has consequently lost 93% since then. So far this year, it has been doing worse than the Nasdaq by 40.6%.
