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April 22, 2023
Stable at $19.8 and still trending upwards, Yesterday's session put the brakes on the ongoing uptrend — after ending Thursday at $19.76, iShares Global Clean Energy ETF went up to $19.91 only to drop back to its starting point and close at $19.8.
Uncertainty around iShares Global Clean Energy ETF is reflected by published market data as United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Technical chart analysis shows iShares Trust – iShares Global Clean Energy ETF is currently alternating around $19.64 with price action moving above and below this key level throughout the session. Concerning technical analysis and more specifically, trend indicators, iShares Global Clean Energy ETF made an initial breakout above its 5 day Simple Moving Average at $19.79, a potential indicator of a newly emerging bullish phase. IShares Global Clean Energy ETF is currently flirting with an active Fibonacci support level around $19.68. Analysis based on the asset volatility indicates that iShares Global Clean Energy ETF's upper Bollinger Band® is at $20.16, suggesting that a downward move may follow.
Overall, while iShares Global Clean Energy ETF has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
The fund has been trending positively for about a month. Having soared to a high of $23.61 approximately 8 months ago, iShares Global Clean Energy ETF is now trading 16.31% lower.
