Range-bound market sets stage for these 3 stocks to continue their downtrends

Published: January 26 2023, 02:30 GMT+0

Range-bound market sets stage for these 3 stocks to continue their downtrends

The main stocks that are plunging: CVS Health, GoHealth, Inc., ProShares UltraShort FTSE Europe

Markets did not have a clear cut direction — after dropping 0.18%, Nasdaq closed at 11,300. S&P 500 closed at 4,016.22 after a flat day.

Current market events are being influenced by ambiguous macro data as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

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.

| CVS Health | continues a 29 day decline; draws back 0.31% yesterday

Yesterday's session continued the recent downtrend: the healthcare company has recovered almost all of its session losses after dipping down to $84.82 yesterday. After setting a $84.82 – $86 range, CVS Health closed the day 0.31% lower at $85.75. The healthcare company dropped to its lowest point in 1 year at $84.82. It later recovered 93 cents and trades at $85.75. Daily trading volume (18.39 million shares) was higher than the current multiday average of 8.73 million.

The company is currently trading with a market cap of $112.67 billion with an average daily volume of 8.73 million shares. This year has been a gloomy one for the healthcare company after trading as high as $110.83 and going on to lose 7.42% of its value. So far this year, it has been under-performing the S&P 500 by 12.2%. Trending downwards for around a month. CVS Health's last revenue report was $81.16 billion with an EPS of $2.09.

| GoHealth | 17.16% ($2.7) depreciation over 6 days (45 cents per day average)

After setting a $12.75 – $13.62 range, GoHealth closed the day 0.59% lower at $13.42. The Medicare access provider has recovered almost all of its session losses after dipping down to $12.75 yesterday. The day's trading volume totalled 39,853 shares — slightly below the 21-day average of 58,529.

| ProShares UltraShort FTSE Europe | 17% ($2.08) depreciation over 16 days (13 cents per day average)

More of the same from yesterday's session: ProShares UltraShort FTSE Europe has recovered almost all of its session losses after dipping down to $10.59 yesterday. After setting a $10.59 – $10.85 range, ProShares UltraShort FTSE Europe closed the day 0.84% lower at $10.6. Yesterday's trading volume was 298,032 shares which is below the 21-day average of 465,624.

ProShares UltraShort FTSE Europe's market cap currently stands at $59.25 billion with an average daily trading volume of 465,624 shares. Approximately 3 months ago, ProShares UltraShort FTSE Europe reached a significant high of $20.3 but has struggled to hold onto its gains and declined 47.34% since then. On a negative trend for around a month.

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