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June 18, 2023
Stable at $94.13 and still trending upwards, Friday's session put the brakes on the ongoing uptrend — without a clear direction, iShares MSCI USA Value Factor ETF closed at $94.13 while ranging between $93.89 and $94.59.
Technical analysis shows that iShares MSCI USA Value Factor ETF is approaching key support, around 31 cents away from $93.82. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that iShares MSCI USA Value Factor ETF's upper Bollinger Band® is at $95.12, suggesting that a downward move may follow.
Notwithstanding iShares MSCI USA Value Factor ETF's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
While iShares MSCI USA Value Factor ETF was pretty flat Friday, mixed performances were seen elsewhere as Toyota is down to $164.35, losing $3.83, after ending the previous session around $168.18. Notably, Bristol-Myers Squibb Company rose 2.3% Friday and closed at $64.67.
The fund has been trending positively for about a month. The past 3 months have been positive for iShares MSCI USA Value Factor ETF as it added 6.04% compared to its 3-month low of $81.86.
