| 
May 17, 2023
IShares iBoxx $ Investment Grade Corporate Bond ETF recovers back to $107.28 after dipping down to $107.22 today, in a session that followed a closing value of $107.2.
New United States Crude Oil Inventories improved upon the previous 2.95 million figure while also exceeding analyst expectations with a reading of 5 million.
IShares iBoxx $ Investment Grade Corporate Bond ETF's state is reflected by market data as data for United States Crude Oil Inventories published today at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million. United States Building Permits (Apr) released today at 12:30 UTC with a figure of 1.42 million, while the previous figure was 1.44 million. United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that iShares iBoxx $ Investment Grade Corporate Bond ETF's upper Bollinger Band® is at $110.28 and the lower is $107.03. A study of iShares iBoxx $ Investment Grade Corporate Bond ETF's historical price actions shows iShares iBoxx $ Investment Grade Corporate Bond ETF is approaching key support, around 21 cents away from $107.07. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
With market volatility ebbing, the current technical outlook indicates iShares iBoxx $ Investment Grade Corporate Bond ETF will remain range-bound for the immediate future.
At the same time, mixed performances are seen elsewhere as TSM is up 4.44%. Wells Fargo & Company is up 3.46%. Home Depot jumps 3.1% to trade around $291.09.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (May) will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 254,000, having previously been at 264,000. The figure will be published tomorrow at 12:30 UTC. United States Existing Home Sales (Apr) is expected tomorrow at 14:00 UTC.
IShares iBoxx $ Investment Grade Corporate Bond ETF hit a significant low of $99.2 around 6 months ago, but has since recovered 8.06%.
