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June 03, 2023A quick look at yesterday: after closing Thursday at $19, Ares Capital closed at $19.09 yesterday after climbing to $19.2 and dropping back down.
Ares Capital's uptick comes amid good United States macroeconomic data released during the day — data for United States Non Farm Payrolls published yesterday at 12:30 UTC came out at 339,000, beating projections of 180,000 and showing improvement over the preceding figure of 294,000.
On the flip side, United States Average Hourly Earnings fell short of the 0.4% projections, with new data of 0.3%. United States Unemployment Rate fell short of the 3.5 projections, with new data of 3.7.
Trend-focused traders would be interested to note that investors are seeking long positions as Ares Capital Corporation price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Ares Capital's upper Bollinger Band® is at $19.2, this is a slight indication of a slowdown. Technical analysis shows that Ares Capital could be slowing down soon; it is getting close to the resistance line and is now at $19.28, only 19 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, while Ares Capital has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other financials stocks also showed bullish price action as American Express gained 3.59%, as it traded at $168.56. Berkshire Hathaway added 1.97% to its value, and traded at $329.48. Royal Bank Of Canada was up 2.27%.
The stock has been trending positively for about 2 months. Ares Capital hit a significant low of $16.84 around 8 months ago, but has since recovered 12.95%.
