More of the same for ICLN: down 34 cents (1.84%) for a 4th consecutive day

A quick look at yesterday: a tough session dominated by bearish sentiment left ICLN 34 cents lower, while setting a $18.13 to $18.5 session range.

Amid the market gloom, United States JOLTs Job Openings (Mar) released yesterday at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States API Weekly Crude Oil Stock came out at -3.94 million, while a consensus of analysts was expecting -1,000,000. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.

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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $18.17, a low enough level to, generally, suggest that iShares Global Clean Energy ETF is trading below its fair value. Technical chart analysis shows iShares Global Clean Energy ETF could begin to recover as it approaches significant support, now 14 cents away from $18.04. 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, BP is down to $36.78, losing $3.22, after ending the previous session around $40. Chevron is down to $160.04, losing $7.2, after ending the previous session around $167.24. Exxon Mobil is down to $110.1, losing $4.57, after ending the previous session around $114.67.

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 240,000 from the preceding figure of 230,000.

In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.1 million. It previously stood at -5 million; data will be released today at 14:30 UTC.

Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released today at 18:00 UTC.

IShares Global Clean Energy ETF has shed 12.48% over the past three months.