Ares Capital retreats to $19.41 ahead of United States Fed Chair Powell testimony

After ending Friday at $19.45, Ares Capital fell to $19.41. Overall, a 0.21% move or 4 cents yesterday.

• United States Fed Chair Powell testimony is next today at 15:00 UTC.
• Yesterday's down move comes on back of 19 days of trading sideways.

Earlier data releases related to Ares Capital – United States Factory Orders beat the -1.8% projections, with -1.6%.

Here is the technical analysis of Ares Capital before macro data is released:

Despite being in the red so far in the current trading session, Ares Capital Corporation peaked above its 21 day Simple Moving Average around $19.6 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $19.14, a low enough level to, generally, suggest that Ares Capital is trading below its fair value. Ares Capital could begin to recover as it approaches significant support, now 15 cents away from $19.26. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems Ares Capital might start pointing upward in the short term.

Coming up for Ares Capital — United States Crude Oil Inventories expected to decline to -308,000 while its preceding data was 1.17 million, data will be available tomorrow at 15:30 UTC. United States ADP Nonfarm Employment Change (Feb) scheduled to come out tomorrow at 13:15 UTC.

As the markets get ready for more data to be released — Berkshire Hathaway was up 1.45%. Visa Inc. traded at $226.75 after closing yesterday's trading day at $223.77 (up 1.33%). S&P Global was up 1.52%.

The stock has been trending positively for about 2 months. Ares Capital hit a significant low of $16.84 around 5 months ago, but has since recovered 15.5%.