Continuing its seven day losing streak, iShares iBoxx $ Investment Grade Corporate Bond ETF further drops by 0.12% to close at $106.61

Friday at a glance: iShares iBoxx $ Investment Grade Corporate Bond ETF slid down from $106.74 to $106.61, taking a 13 cents loss (0.12%)

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. Having stamped out a session range of $106.5 to $106.9, Fibonacci-inclined iShares iBoxx $ Investment Grade Corporate Bond ETF traders were highly concentrated around active Fibonacci support at $106.59. According to asset volatility analysis, iShares iBoxx $ Investment Grade Corporate Bond ETF's lower Bollinger Band® is at $106.19, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that although iShares iBoxx $ Investment Grade Corporate Bond ETF is down today and was as low as $106.5, it seems to be recovering slightly and climbing away from the $106.44 support line and is now 17 cents above it.

All in all, the technical analysis suggests iShares iBoxx $ Investment Grade Corporate Bond ETF has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Nike is down to $114.76, losing $4.11, after ending the previous session around $118.87. Walt Disney lost 2.57% Friday and closed at $93.76. Morgan Stanley is down to $82.24, losing $2.25, after ending the previous session around $84.49.

IShares iBoxx $ Investment Grade Corporate Bond ETF hit a significant low of $99.2 around 6 months ago, but has since recovered 7.6%.