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

Published: January 26 2023, 03:30 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 — Nasdaq lost 0.18% and ended the session at 11,300. S&P 500 closed 4,016.22 after a stable day.

Current market events are being influenced by ambiguous macro data as data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 8.41 million to 533,000 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.

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

After setting a $84.82 – $86 range, CVS Health closed the day 0.31% lower at $85.75. CVS Health dropped to $84.82, its lowest point in 1 year. It later recovered 93 cents and closed at $85.75. The healthcare company has recovered almost all of its session losses after dipping down to $84.82 yesterday. Daily trading volume (18.39 million shares) increased, making up 211% of the 21-day average (8.73 million). Just recently, CVS Health's board disclosed a quarterly dividend of 60.5 cents per share to be paid on Wednesday, February 1st for all shareholders of record up until Friday, January 20th. Based on current prices, the company's decision thereby provides CVS Health investors with an annual dividend yield of 2.82%.

| 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 plan marketplace has recovered almost all of its session losses after dipping down to $12.75 yesterday. Yesterday's trading volume was 39,853 shares which is slightly under 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. Trading volume totalled 298,032 which equates to around 64% of the stock's 21-day average yesterday.

Currently, ProShares UltraShort FTSE Europe has a market capitalization of $59.25 billion with an average daily volume of 465,624 shares. ProShares UltraShort FTSE Europe reached a significant high of $20.3 around 3 months ago but has lost 47.34% since then. Trending downwards for around a month.

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