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

Published: January 26 2023, 05:30 GMT+0

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

CVS Health, GoHealth, Inc., ProShares UltraShort FTSE Europe and others have been slumping.

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

This limbo state is reflected by market data published as United States Crude Oil Inventories fell short of the 971,000 projections, with new data 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 | 17.38% ($17.77) depreciation over 29 days (61.2759 cents per day average)

Yesterday's session continued down the same path: the healthcare giant 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. CVS Health dropped to $84.82, its lowest point in 1 year. It later recovered 93 cents and closed at $85.75. Daily trading volume (18.39 million shares) was above the current multiday average of 8.73 million.

CVS Health is currently trading with a market cap of $112.67 billion with an average daily trading volume of 8.73 million shares. The current year has not been the best for the healthcare giant as it lost 7.42% from its highest point of $110.83. So far this year, it has been under-performing the S&P by 12.2%. On a negative trend for around a month. CVS Health last reported revenue of $81.16 billion with an EPS of $2.09.

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

Yesterday's session continued the recent downtrend: the Medicare plan marketplace has recovered almost all of its session losses after dipping down to $12.75 yesterday. After setting a $12.75 – $13.62 range, GoHealth closed the day 0.59% lower at $13.42. Trading volume totalled 39,853 which equates to around 68% of the stock's 21-day average yesterday.

The Medicare plan marketplace's market cap currently stands at $2.88 billion with an average daily volume of 58,529 shares. The past 3 months have been positive for the Medicare access provider as it added 3,406.49% compared to its 3-month low of 32.9 cents. $133 million was GoHealth's last reported revenue with -22 cents being the current EPS.

ProShares UltraShort FTSE Europe continues a 16 day downtrend; slips 0.84% yesterday

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

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