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May 23, 2023
Yesterday at a glance: after finishing Friday at $18.63, iShares Global Clean Energy ETF went up to $18.88 before paring its losses and closing at $18.83.
Technical analysis shows that iShares Trust – iShares Global Clean Energy ETF is 7 cents away from testing key resistance at $18.9. Peaking above this level could inspire market bulls and open the path to further gains. Trend-following investors would be interested to note that iShares Global Clean Energy ETF made an initial breakout above its 21 day Simple Moving Average at $18.79, a potential indicator of a newly emerging bullish phase. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $19.21, thereby suggesting that iShares Global Clean Energy ETF is becoming overvalued.
With market volatility ebbing, the current technical outlook indicates iShares Global Clean Energy ETF will remain range-bound for the immediate future.
IShares Global Clean Energy ETF shows positive signs, other assets are also on par: Pfizer explodes 5.38% yesterday and closed at $36.77.
At the same time, Nike is down to $110.18, losing $4.58, after ending the previous session around $114.76. Procter & Gamble is down to $149.16, losing $4, after ending the previous session around $153.17.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Apr) will be released today at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released today at 13:45 UTC.
9 months ago iShares Global Clean Energy ETF reached a significant high of $23.61 but has consequently lost 21.09% since then.
