Bearish iShares Global Clean Energy ETF currently 14 cents lower after trading as low as $18.18

IShares Global Clean Energy ETF drops 14 cents early on and steadies around the $18.23 level.

IShares Global Clean Energy ETF is currently trading at $18.23 following the release of Fed Chair Powell testimony data from the United States.

While price action maintains a negative bias, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. United States 20-Year Bond Auction came out at 4.01. Data for United States Housing Starts published yesterday at 12:30 UTC came out at 21.7%, beating projections of -0.8% and showing improvement over the preceding figure of -2.9%.

The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. IShares Global Clean Energy ETF has just crossed the lower Bollinger Band® at $18.28, indicating further losses could be forthcoming. In contrast, iShares Global Clean Energy ETF could begin to recover as it approaches significant support, now 2 cents away from $18.21. Dipping below could be an indication that further losses are ahead.

In the short term, iShares Global Clean Energy ETF is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, Intel closed at $33.14 (down 5.3%). United Parcel Service is down to $173.26, losing $4, after closing at $177.27 in the preceding trading session. After ending yesterday's session at $274.45, Tesla lost $14 and is trading around $260.45.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.

In addition, United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.

Furthermore, United States Existing Home Sales (May) is expected tomorrow at 14:00 UTC.

Trading mostly sideways for a month. Approximately 10 months ago, iShares Global Clean Energy ETF reached a significant high of $23.61 but has struggled to hold onto its gains and declined 22.19% since then.