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June 02, 2023
IShares MSCI USA Value Factor ETF went up to $90.65 only to drop back some of the way and is now trading at $90.46.
This move comes while some more positive signs for iShares MSCI USA Value Factor ETF are out as United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 294,000 with new data of 339,000.
On the flip side, following a previous reading of 0.4%, Average Hourly Earnings in United States released today at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of 0.3%. Unemployment Rate in United States fell short of market expectations (3.5) with a reading of 3.7, continuing the decline from the previous figure of 3.4.
IShares MSCI USA Value Factor ETF broke through the $89.87 resistance and climbed above it 59 cents; next resistance level is at $91.05. IShares MSCI USA Value Factor ETF made an initial breakout above its 50 day Simple Moving Average at $90.38, a potential indicator of a newly emerging bullish phase. Despite this, Bollinger Band® analysis indicates that current price action is approaching the upper band at $90.5, thereby suggesting that iShares MSCI USA Value Factor ETF is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems iShares MSCI USA Value Factor ETF likely to continue pointing upward in the short term.
Other markets are also showing gains as having closed the previous session at $209.07, Caterpillar is up 8.4% today to currently trade at around $226.64. Toyota is up 3.77%.
At the same time, Verizon is down $1.12 from the beginning of the session and now trades around $34.59.
The fund has been trending lower for about a month. IShares MSCI USA Value Factor ETF is now trading 5.33% below its 3-month high of $102.47.
