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June 28, 2023
Canopy Growth Corporation, Mullen Automotive, Inc., Sage Therapeutics, Inc. are currently leading the list of down-trending stocks.
Leading equity indices in the US rose as Nasdaq closed the day at 13,556, having gained 1.65%. S&P 500 ended the session at 4,378.41 after a 1.15% gain.
More data out yesterday as United States New Home Sales (May) released yesterday at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000.
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.
| Canopy Growth | continues an 11 day decline; falls 8.39% yesterday
After setting a 46.92 cents – 52.2 cents range, Canopy Growth Corporation closed the day 8.39% lower at 47.4 cents. After ending Monday at 51.74 cents, Canopy Growth dropped to 46.92 cents early in yesterday's session and closed at 47.4 cents. In total, it lost 8.39%. Daily trading volume (16.32 million shares) was slightly greater than the current multiday average of 12.39 million.
Canopy Growth reported inconclusive earnings results Thursday, with revenue at $98.15 million, compared to a consensus of $73.19 million. Since the publication of its earnings report, Canopy Growth has declined 20.97%.
Mullen Automotive continues a 5 day downtrend; drops 21.06% yesterday
After setting a 13.5 cents – 17.58 cents range, Mullen closed the day 21.06% lower at 13.68 cents. Early in yesterday's session, Mullen Automotive dropped to 13.5 cents from 17.33 cents at the end of Monday, before closing at 13.68 cents. During the session, it lost 21.06%. Daily trading volume (421.89 million shares) increased, making up 264% of the 21-day average (159.52 million).
Sage continues a 12 day downtrend; slips 1.84% yesterday
After setting a $46.87 – $48.38 range, Sage Therapeutics closed the day 1.84% lower at $47.05. Sage gains 1.87% in pre-market and trades at $47.93. This comes following a session of losses in which it closed at $47.05 after dropping to $46.87 for the first time in 7 weeks. Grinding lower but with no clear-cut direction, the brain health biotech developer closed the session at $47.05 after forming a distinct $46.87 – $48.38 range. Daily trading volume (889,511 shares) was slightly greater than the current multiday average of 769,804.
