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June 05, 2023
Though in the midst of a 3 day uptrend, gaining a total of 2%, ($2.2), The prevailing bullish trend is beginning to fade following today's downbeat session. IShares MSCI USA Value Factor ETF dipped as low as $89.8 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($90.6) with iShares MSCI USA Value Factor ETF closing the day at $89.97.
IShares MSCI USA Value Factor ETF is currently trading at $89.97 following the release of ISM Non-Manufacturing PMI (May) data from the United States.
Meanwhile, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released today at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.
IShares MSCI USA Value Factor ETF made an initial break below its 50 day Simple Moving Average at $90.41, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $90 currently serving as support. If price action breaks below, the next Fib hurdle is $89.26. IShares MSCI USA Value Factor ETF's upper Bollinger Band® is at $90.51 which indicates a further downward move may follow. Despite this, iShares MSCI USA Value Factor ETF could begin to recover as it approaches significant support, now 40 cents away from $89.57. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for iShares MSCI USA Value Factor ETF.
In the meantime, negative performances are also seen in other markets, Intel lost 4.63% today and closed at $31.31. The Blackstone Group Inc. dips 3.91% today and closed at $89.
Furthermore, United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.
IShares MSCI USA Value Factor ETF is now trading 5.43% below its 3-month high of $102.35.
