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July 05, 2023
Monday at a glance: down on the day: iShares iBoxx $ Investment Grade Corporate Bond ETF closed at $107.49 after ranging between $107.49 and $108.16.
IShares iBoxx $ Investment Grade Corporate Bond ETF could begin to recover as it approaches significant support, now 22 cents away from $107.27. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, iShares iBoxx $ Investment Grade Corporate Bond ETF peaked above its 50 day Simple Moving Average around $107.79 — typically an early indicator of a new bullish trend beginning to emerge. Despite this, iShares iBoxx $ Investment Grade Corporate Bond ETF is currently flirting with an active Fibonacci support level around $107.5.
Despite suffering losses in today's session, technical analysis is indicating that iShares iBoxx $ Investment Grade Corporate Bond ETF will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, Astrazeneca PLC is down to $65.25, losing $6.32, after ending the previous session around $71.57.
Positive performances can be seen by looking at other markets as Tesla went up by 6.9% Monday, and closed at $279.82. United Parcel Service went up by 2.52% Monday, and closed at $183.77.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 245,000 from the preceding figure of 239,000.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -729,000, having previously been at -9.60 million. The figure will be published tomorrow at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Jun) is scheduled for tomorrow at 12:15 UTC.
IShares iBoxx $ Investment Grade Corporate Bond ETF hit a significant low of $99.2 around 8 months ago, but has since recovered 8.66%.
