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May 27, 2023
- IShares iBoxx $ Investment Grade Corporate Bond ETF overcomes resistance at $106.45; now eyeing $106.46
- Upper Bollinger Band® currently at $63.56
Around $106.47, iShares iBoxx $ Investment Grade Corporate Bond ETF can look to establish a new bullish phase beyond its 5 day Simple Moving Average. Price action overcame a known Fibonacci resistance level at $106 by around 45 cents with prices hammering out a $105.96 – $106.51 session range. IShares iBoxx $ Investment Grade Corporate Bond ETF broke through the $106.45 resistance, climbing 2 cents above it.
Overall, looking at the technical analysis landscape, it seems iShares iBoxx $ Investment Grade Corporate Bond ETF might continue pointing upwards in the short term.
Technical analysis shows that iShares MSCI South Korea ETF's run now faces a challenge at $63.15, which is only 5 cents away and will be interesting to follow. Trend-focused traders would be interested to note that iShares MSCI South Korea ETF's CCI indicator is above +100. IShares MSCI South Korea ETF is hovering above a known Fibonacci resistance level of $62.93. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $63.56, thereby suggesting that iShares MSCI South Korea ETF is becoming overvalued.
For the time being, iShares MSCI South Korea ETF remains flat without a clear direction.
IShares Core U.S. Aggregate Bond ETF's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. On the other hand, note that 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Despite the market lacking direction, technical chart analysis strongly suggests iShares Core U.S. Aggregate Bond ETF is positioned for a downward move in the near term.
Fundamental indicators – following a previous reading of 0.3%, Core Durable Goods Orders in United States released yesterday at 12:30 UTC fell short of the 0% figure expected by analysts with an actual reading of -0.2%.
