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February 26, 2023
IShares Global Clean Energy ETF dropped to $18.81, its lowest point in 3 months. It later recovered 11.9 cents and closed at $18.93.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $18.74, a low enough level to, generally, suggest that iShares Global Clean Energy ETF is trading below its fair value. Technical chart analysis shows iShares Global Clean Energy ETF could begin to recover as it approaches significant support, now 11 cents away from $18.82. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates iShares Global Clean Energy ETF will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at $347, Adobe lost $26.46 and is trading around $320.54. Alibaba is down to $89, losing $5.16, after ending the previous session around $94.16.
Positive performances can be seen by looking at other markets as Linde added 4.75% and closed around $331.89 Friday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 1%, following on from the preceding figure of 2.5%. New data is set to be published tomorrow at 15:00 UTC.
Moreover, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
All in all, the fund has been on a negative trend for around a month. IShares Global Clean Energy ETF has shed 17.91% over the past six months.
