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March 16, 2023
Though in the midst of a 3 day uptrend, gaining a total of 2.03%, ($2.3), The prevailing bullish trend is beginning to fade following today's downbeat session. IShares iBoxx $ Investment Grade Corporate Bond ETF ended today at $107.45 following from closing yesterday at $107.61. Overall, this represents a loss of 16 cents or 0.15%.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, iShares iBoxx $ Investment Grade Corporate Bond ETF's upper Bollinger Band® is at $107.88 which indicates a further downward move may follow.
Overall, while iShares iBoxx $ Investment Grade Corporate Bond ETF has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Positive performances can be seen by looking at other markets as Alphabet added 4.68% and closed around $96.55 today. Microsoft is trading around $276.2 after ending today's session at $265.44 (up 4.05% today).
IShares iBoxx $ Investment Grade Corporate Bond ETF hit a significant low of $99.2 around 4 months ago, but has since recovered 8.48%.
