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April 05, 2023
IShares MSCI USA Value Factor ETF slides down from $92.08 to $91.64 today, losing 44.23 cents (0.48%).
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.74 million.
United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Mar) released today at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.
IShares MSCI USA Value Factor ETF is currently flirting with an active Fibonacci support level around $91.51. IShares MSCI USA Value Factor ETF's upper Bollinger Band® is at $93.17 which indicates a further downward move may follow. On the other hand, note that iShares MSCI USA Value Factor ETF could begin to recover as it approaches significant support, now 32 cents away from $91.32. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems iShares MSCI USA Value Factor ETF is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other markets, Deere & Company is down to $377.3, losing $20.37, after closing at $397.66 in the preceding trading session.
Positive performances can be seen by looking at other markets as Johnson & Johnson is up 3.24%. Pfizer surges 2.85% to trade around $42.06.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 198,000; data will be released tomorrow at 12:30 UTC.
Having set a significant low of $81.86 6 months ago, iShares MSCI USA Value Factor ETF is trading 12.48% higher.
