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May 11, 2023
A quick look at yesterday: a tough session dominated by bearish sentiment left VLUE 40 cents lower, while setting a $88.13 to $89.97 session range.
On the flip side, positive data for iShares MSCI USA Value Factor ETF released earlier when United States Crude Oil Inventories improved upon its previous reading of -1.28 million with a new data release of 2.95 million.
Amid the market gloom, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 4.9%, while the previous figure was 5%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
Visual analysis of iShares MSCI USA Value Factor ETF's chart shows that although iShares MSCI USA Value Factor ETF is pointing down today (was as low as $88.13), it's climbing away from the $87.98 support line and is now 90 cents above it. Trend-focused traders would be interested to note that iShares MSCI USA Value Factor ETF made an initial break below its 10 day Simple Moving Average at $89.86, a possible indication of a forthcoming negative trend. IShares MSCI USA Value Factor ETF formed a session range of $88.13 to $89.97 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $89. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $87.49, a low enough level to, generally, suggest that iShares MSCI USA Value Factor ETF is trading below its fair value.
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, Anheuser-Busch is down to $61.81, losing $1.7, after ending the previous session around $63.51.
Other assets are showing positive performances as Alphabet added 4% and closed around $107.94 yesterday. Notably, Amazon rose 3.35% yesterday and closed at $106.62.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 245,000, following on from the preceding figure of 242,000. New data is set to be published today at 12:30 UTC.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released today at 12:30 UTC.
IShares MSCI USA Value Factor ETF has shed 8.7% over the past three months.
