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March 02, 2023
IShares Global Clean Energy ETF is range-bound between $19.11 and $19.32 today after shedding 16.61 cents and closing at $19.48 yesterday.
Nonetheless, encouraging indicators for iShares Global Clean Energy ETF published earlier when United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Amid the market gloom, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.
IShares Trust – iShares Global Clean Energy ETF made an initial break below its 5 day Simple Moving Average at $19.23, a possible indication of a forthcoming negative trend. In contrast, iShares Global Clean Energy ETF reversed direction at $19.15 support zone and climbed 16 cents above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts iShares Global Clean Energy ETF to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the iShares Global Clean Energy ETF is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Tesla is trading around $190.07 (down $12.7).
Other assets are showing positive performances as Salesforce shoots up 11.85% to trade around $187.19. NextEra Energy is up 2.45%.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
All in all, the fund has been on a negative trend for around a month. IShares Global Clean Energy ETF is now trading 17.49% below the significant high of $23.61 it set around 6 months ago.
