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June 21, 2023
IShares MSCI USA Value Factor ETF is consolidating around the $92.39 level after dropping 52.88 cents at the start of the trading session.
IShares MSCI USA Value Factor ETF is currently trading at $92.39 following the release of Fed Chair Powell testimony data from the United States.
While price action maintains a negative bias, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. United States 20-Year Bond Auction came out at 4.01. United States Housing Starts beat analyst expectations of -0.8% and the previous reading of -2.9% with new data of 21.7%.
Despite being in the red so far in the current trading session, iShares MSCI USA Value Factor ETF peaked above its 10 day Simple Moving Average around $92.67 — typically an early indicator of a new bullish trend beginning to emerge. Although iShares MSCI USA Value Factor ETF is down today and was as low as $92.27, it seems to be recovering slightly and climbing away from the $92.45 support line and is now 6 cents above it.
Despite suffering losses in today's session, technical analysis is indicating that iShares MSCI USA Value Factor ETF will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $35, Intel lost $1.87 and is trading around $33.13. United Parcel Service is trading around $173.56 (down $3.72). Tesla closed at $260.59 (down 5.05%).
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at 1.87 million — worse than previous data of 7.92 million; data will be released tomorrow at 15:00 UTC.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 260,000, having previously been at 262,000. The figure will be published tomorrow at 12:30 UTC.
Furthermore, United States Existing Home Sales (May) scheduled to come out tomorrow at 14:00 UTC.
The fund has been trending positively for about a month. IShares MSCI USA Value Factor ETF has fallen back around 6.65% over the past 4 months, from a notable high of $99.54.
