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February 23, 2023
Farfetch Limited, Mullen Automotive, Inc., SuperCom Ltd. and others have been dropping. Here is what you should know.
Markets were up today; Nasdaq gained 0.72% and closed at 11,600. S&P 500 ended the session at 4,012.32 after a 0.53% gain.
Uptick coincides with some positive signs published earlier as data from United States concerning Crude Oil Inventories was released today at 16:00 UTC. Newly published figures emphasized continued decline from last month's figure of 16.28 million to 7.65 million this month.
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.
| Farfetch Limited | 34.46% ($2.55) depreciation over 14 days (18.2143 cents per day average)
Today's session continued the recent downtrend: an influx of sellers pushed the online luxury fashion retail platform to session lows around $4.82 while establishing a $4.82 to $5.1 session range today. After setting a $4.82 – $5.1 range, Farfetch Limited closed the day 0.9% lower at $4.94. Daily trading volume (17.78 million shares) increased, making up 129% of the 21-day average (13.82 million).
The British-Portuguese luxury fashion distributor's market cap currently stands at $1.88 billion with an average daily volume of 13.82 million shares. The online luxury fashion retail platform reached a significant high of $20.92 around 11 months ago but has lost 76.2% since then. The Nasdaq has been doing worse in 2022, it has been passing it by 3.2%.
Farfetch Limited is scheduled to announce earnings results today. The consensus Earnings Per Share estimate is -0.42 and the consensus revenue estimate is $625.36 million.
Mullen Automotive continues a 7 day downtrend; dips 4.97% today
After setting a 23 cents – 25.2 cents range, Mullen closed the day 4.97% lower at 24.29 cents. Early in today's session, Mullen Automotive dropped to 23 cents from 25.56 cents at the end of yesterday, before closing at 24.29 cents. During the session, it lost 4.97%. Daily trading volume (179.38 million shares) increased, making up 102% of the 21-day average (175.52 million).
| SuperCom | continues a 12 day decline; slides down 4.62% today
After setting a $1.84 – $1.98 range, SuperCom closed the day 4.62% lower at $1.86. After ending today at $1.86, the "e-government" enabler dropped 9 cents to $1.84, reaching its lowest point in 6 weeks. An influx of sellers pushed the "e-government" enabler to session lows around $1.84 while establishing a $1.84 to $1.98 session range today. Trading volume totalled 34,829 which equates to around 64% of the stock's 21-day average today.
