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June 07, 2023
IShares iBoxx $ Investment Grade Corporate Bond ETF drops 92 cents early on and steadies around the $106.37 level.
United States's Crude Oil Inventories new data released of -451,000 below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million.
Amid the market gloom, United States Cushing Crude Oil Inventories released today at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.
IShares iBoxx $ Investment Grade Corporate Bond ETF made an initial break below its 200 day Simple Moving Average at $107.06, a possible indication of a forthcoming negative trend. IShares iBoxx $ Investment Grade Corporate Bond ETF fell below the $106.97 support zone and moved 60 cents beyond it; the next level of support with significant buyer interest is estimated at $106.64. In contrast, a Morning Star, which is a bullish visual pattern consisting of three candlesticks. The pattern forms following a downward trend and tends to indicate a reversal before the start of a new upward climb.
In the short term, iShares iBoxx $ Investment Grade Corporate Bond ETF is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Alphabet closed at $123.47 (down 3.48%). After ending yesterday's session at $448.49, Intuit lost $21.64 and is trading around $426.85. After ending yesterday's session at $126.61, Amazon lost $4.08 and is trading around $122.53.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims expected to decline to 235,000 while its preceding data was 232,000, data will be available tomorrow at 12:30 UTC.
IShares iBoxx $ Investment Grade Corporate Bond ETF hit a significant low of $99.2 around 7 months ago, but has since recovered 8.16%.
