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June 29, 2023
Yesterday at a glance: after closing at $18 Tuesday, ICLN maintained a strong bullish bias that helped the fund close higher at $18.03 yesterday. However, market bears ensured the iShares Global Clean Energy ETF topped out at $18.14 and that by the end of the session, the market had marked out a distinct $17.9 to $18.14 range.
United States GDP data will be released today at 12:30 UTC, with an expected decline to 1.4.
On the flip side, United States Crude Oil Inventories fell short of the -1.76 million projections, with new data of -9.60 million.
At the same time, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.
IShares Trust – iShares Global Clean Energy ETF made an initial breakout above its 5 day Simple Moving Average at $18, a potential indicator of a newly emerging bullish phase. IShares Global Clean Energy ETF's lower Bollinger Band® is at $17.74, indicating that the market is oversold and fertile for new buyers. Despite this, iShares Global Clean Energy ETF could be slowing down soon as it approaches resistance at $18.14. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts iShares Global Clean Energy ETF to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the iShares Global Clean Energy ETF is expected to pick up significant bullish sentiment in the coming days.
IShares Global Clean Energy ETF shows positive signs, other assets are also on par: notably, Toyota rose 1.86% yesterday and closed at $157.18. Netflix is trading around $429.84 after ending yesterday's session at $417.08 (up 3.06% today).
At the same time, after ending yesterday's session at $87.13, Alibaba lost $2.54 and is trading around $84.59.
Also worthy of note, United States GDP projected to come out at 1.4 — worse than previous data of 2.6; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.
The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (May) scheduled to come out tomorrow at 12:30 UTC.
All in all, the fund has been on a negative trend for around a month. Over the past 10 months, iShares Global Clean Energy ETF has retreated 23.85% from a noteworthy peak of $23.61.
