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March 01, 2023
Yesterday at a glance: iShares Global Clean Energy ETF dipped as low as $19.1 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($19.19) with iShares Global Clean Energy ETF closing the day at $19.2.
United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.
Consumer Confidence in United States fell short of market expectations (108.5) with a reading of 102.9, continuing the decline from the previous figure of 106.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
Despite being in the red so far in the current trading session, iShares Trust – iShares Global Clean Energy ETF peaked above its 5 day Simple Moving Average around $19.2 — typically an early indicator of a new bullish trend beginning to emerge. IShares Global Clean Energy ETF's lower Bollinger Band® is at $18.69, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. IShares Global Clean Energy ETF could begin to recover as it approaches significant support, now 11 cents away from $19.09. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that iShares Global Clean Energy ETF will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $109.36, Merck lost $3.12 and is trading around $106.24. Goldman Sachs dips 3.8% yesterday and closed at $365.53.
Positive performances can be seen by looking at other markets as Meta Platforms rallies 3.19% yesterday and closed at $169.54.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 457,000, following on from the preceding figure of 7.65 million. New data is set to be published today at 15:30 UTC. United States Initial Jobless Claims projected to decline to 195,000 while previous data was 192,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) will be released today at 15:00 UTC.
The fund has been trending lower for about a month. IShares Global Clean Energy ETF has fallen back around 18.47% over the past 6 months, from a notable high of $23.61.
