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April 04, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left ICLN 22 cents lower, while setting a $19.45 to $19.8 session range.
Meanwhile, United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States ISM Manufacturing Employment (Mar) came out at 46.9, while a consensus of analysts was expecting 50. Fresh ISM Manufacturing Prices (Mar) data from United States came out at 49.2.
Price action pushed below a known Fibonacci support level at $19.68 by around 12 cents with prices hammering out a $19.45 – $19.8 range by session close. IShares Global Clean Energy ETF's upper Bollinger Band® is at $19.92 which indicates a further downward move may follow. Despite this, iShares Global Clean Energy ETF could begin to recover as it approaches significant support, now 15 cents away from $19.41. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting iShares Global Clean Energy ETF to extend its recent losses.
Positive performances can be seen by looking at other markets as Exxon Mobil went up by 5.9% yesterday, and closed at $116.13. Notably, BP rose 4.74% yesterday and closed at $37.94. Chevron soars 4.16% yesterday and closed at $163.16.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Mar) scheduled to come out tomorrow at 12:15 UTC. United States JOLTs Job Openings (Feb) will be released today at 14:00 UTC.
IShares Global Clean Energy ETF has fallen back around 16.22% from the significant high of $23.61 set 7 months ago.
