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July 04, 2023
Virgin Galactic Holdings, Inc., Astrazeneca PLC, Brookfield Renewable Corporation have been the noticable stocks on a downtrend. Here is what you need to know.
Leading equity indices in the US rose as Nasdaq ended the session at 13,817 after a 0.21% gain. S&P 500 closed the day at 4,455.59, having gained 0.12%.
More data out yesterday as United States ISM Manufacturing PMI (Jun) released yesterday at 14:00 UTC with a figure of 46, while the previous figure was 46.9.
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.
| Virgin Galactic | 20.46% (86 cents) depreciation over 4 days (21.5 cents per day average)
After setting a $3.68 – $3.88 range, Virgin Galactic Holdings, Inc. closed the day 2.84% lower at $3.77. Pronounced bearish sentiment in the market pushed the space tourism spearhead into a notable 2.84% slide yesterday, falling 11 cents and ultimately closing at $3.77. Trading volume totalled 20.98 million which equates to around 53% of the stock's 21-day average yesterday.
Astrazeneca continues an 11 day downtrend; crashes 8.83% yesterday
After setting a $65.12 – $67.31 range, Astrazeneca closed the day 8.83% lower at $65.25. Astrazeneca traded at $65.25 after making its biggest single-day drop of $6.32 (8.83%) since July 2017. After ending Friday at $71.57, Astrazeneca declined to $65.12 yesterday before closing at $65.25, thereby losing 8.83% in total. Daily trading volume (16.33 million shares) was higher than the current multiday average of 5.24 million.
| Brookfield Renewable Corporation | continues a 20 day decline; descends 0.41% yesterday
After setting a $31.39 – $31.84 range, Brookfield Renewable Corporation closed the day 0.41% lower at $31.39. Grinding lower but with no clear-cut direction, the hydroelectric power generation company closed the session at $31.39 after forming a distinct $31.39 – $31.84 range. Yesterday's trading volume was 241,119 shares which is under the 21-day average of 610,270. Brookfield Renewable Corporation disclosed a quarterly dividend of 33.8 cents per share on Friday, May 5th that was paid on Friday, June 30th to all shareholders of record up until Wednesday, May 31st. Based on current prices, the company's decision thereby provides Brookfield Renewable Corporation investors with an annual dividend yield of 4.31%.
