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June 23, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left ICLN 19 cents lower, while setting a $17.97 to $18.2 session range.
United States Services PMI is next today at 13:45 UTC.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 1.87 million with a reading of -3.83 million. United States Initial Jobless Claims came out at 264,000, marking no change from preceding figure.
Meanwhile, United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
Analysis of iShares Global Clean Energy ETF's recent price action suggests although iShares Trust – iShares Global Clean Energy ETF is pointing down today (was as low as $17.97), it's climbing away from the $17.95 support line and is now 13 cents above it. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that iShares Global Clean Energy ETF's lower Bollinger Band® is at $18.11, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests iShares Global Clean Energy ETF is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Boeing lost 3.05% yesterday and closed at $212.08.
Positive performances can be seen by looking at other markets as Amazon added 4.26% and closed around $124.83 yesterday. Alphabet is trading around $123.87 after ending yesterday's session at $121.26 (up 2.15% today).
Furthermore, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
All in all, the fund has been on a negative trend for around a month. IShares Global Clean Energy ETF reached a significant high of $23.61 around 10 months ago but has lost 22.62% since then.
