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

Published: January 26 2023, 07:30 GMT+0

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

CVS Health, GoHealth, Inc., ProShares UltraShort FTSE Europe are currently leading the list of down-trending stocks.

Markets did not have a clear cut direction — Nasdaq closed at 11,300, a 0.18% change. S&P 500 closed at 4,016.22 after a flat 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 downtrend; stumbles 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. 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) increased, making up 211% of the 21-day average (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. So far this year, the healthcare giant has declined 7.42% while touching highs around $110.83 earlier this year. So far this year, it has been under-performing the S&P 500 by 12.2%. On a negative trend for around a month. CVS Health's last revenue report was $81.16 billion with an EPS of $2.09.

| GoHealth | continues a 6 day decline; retreats 0.59% yesterday

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. The day's trading volume totalled 39,853 shares — 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)

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 lower than the 21-day average of 465,624.

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