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June 08, 2023
In the midst of a 6 day bullish trend, Today's session put the brakes on the ongoing uptrend — iShares MSCI USA Value Factor ETF recovered back to $91.85 after dipping down to $91.31, in a session that followed yesterday's $91.84 close value.
IShares MSCI USA Value Factor ETF's state is reflected by market data as 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. United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure. 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.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. IShares MSCI USA Value Factor ETF formed a session range of $91.31 to $91.94 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $91.42. Analysis based on the asset volatility indicates that iShares MSCI USA Value Factor ETF's upper Bollinger Band® is at $91.72, suggesting that a downward move may follow. Support/Resistance levels obtained from chart analysis indicate that iShares MSCI USA Value Factor ETF is approaching key support, around 92 cents away from $90.93. 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.
Overall, while iShares MSCI USA Value Factor ETF has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While iShares MSCI USA Value Factor ETF was pretty flat today, mixed performances were seen elsewhere as notably, Adobe rose 4.95% today and closed at $418.32. Novartis went up by 2.18% today, and closed at $100.65.
After hitting an important low of $81.86 approximately 8 months ago, iShares MSCI USA Value Factor ETF has bounced back 12.19% since.
