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June 26, 2023
Friday at a glance: a tough session dominated by bearish sentiment left ICLN 30 cents lower, while setting a $17.75 to $17.88 session range.
Concerning technical analysis and more specifically, trend indicators, 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. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $17.89, a low enough level to, generally, suggest that iShares Global Clean Energy ETF is trading below its fair value. Analysis of iShares Global Clean Energy ETF's recent price action suggests iShares Global Clean Energy ETF could begin to recover as it approaches significant support, now 5 cents away from $17.73. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates iShares Global Clean Energy ETF will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Toyota is down to $153.38, losing $3.73, after ending the previous session around $157.11. Accenture plc Class A (Ireland) is down to $298.43, losing $8.82, after ending the previous session around $307.25. Astrazeneca PLC is down to $72.12, losing $1.83, after ending the previous session around $73.95.
Moreover, United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Building Permits scheduled to come out tomorrow at 12:00 UTC. United States New Home Sales (May) is expected tomorrow at 14:00 UTC.
The fund has been trending lower for about a month. IShares Global Clean Energy ETF has fallen back around 23.42% over the past 10 months, from a notable high of $23.61.
