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May 12, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left VLUE 52 cents lower, while setting a $87.84 to $88.42 session range.
United States Producer Price Index fell short of the 0.3% projections, with new data of 0.2%. Data from United States concerning Initial Jobless Claims was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 242,000 to 264,000 this month.
While price action maintains a negative bias, United States Import Price Index came out at 0.4%, while a consensus of analysts was expecting 0.3%.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $87.19, a low enough level to, generally, suggest that iShares MSCI USA Value Factor ETF is trading below its fair value. Visual analysis of iShares MSCI USA Value Factor ETF's chart shows that iShares MSCI USA Value Factor ETF could begin to recover as it approaches significant support, now 36 cents away from $88. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests iShares MSCI USA Value Factor ETF has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Walt Disney crashes 8.73% yesterday and closed at $101.14.
Other assets are showing positive performances as Alibaba is trading around $87.89 after ending yesterday's session at $82.95 (up 5.96% today). Alphabet surges 4.11% yesterday and closed at $112.28.
IShares MSCI USA Value Factor ETF has shed 9.22% over the past three months.
