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June 08, 2023Today at a glance: ending yesterday at $19.03, the business development company rallied 0.26% today and stayed at the $19.08 level.
Ares Capital's uptick comes amid disappointing United States macroeconomic data released during the session – United States Initial Jobless Claims published today at 12:30 UTC came out at 261,000, falling short of the 235,000 projections and continuing its decline from the previous 233,000 figure. Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.
Meanwhile, United States Fed's Balance Sheet released today at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion.
Trend and momentum analysis indicates that Ares Capital Corporation made an initial breakout above its 5 day Simple Moving Average at $19.06, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $19.34, thereby suggesting that Ares Capital is becoming overvalued. Ares Capital chart analysis: Ares Capital could be slowing down soon as it approaches resistance at $19.19. Of course, crossing it might suggest 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.
This rally in Ares Capital's share price coincided with other financials stocks as S&P Global gained 2.13%, as it traded at $382.16. The Blackstone Group Inc. traded at $88.66 after closing today's trading day at $87.3 (up 1.56%).
Ares Capital went up today, yet these financials stocks did not follow — Visa Inc. went down 0.99%, closed at $225.27.
The stock has been trending positively for about 2 months. After hitting an important low of $16.84 approximately 8 months ago, the financial solutions provider has bounced back 13% since.
