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May 10, 2023
- Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF currently trading at $14
- Bollinger analysis indicates upper Band® is at $110.3
A study of iShares iBoxx $ Investment Grade Corporate Bond ETF's chart reveals various key levels to watch: $107.61 is only 11 cents away for iShares iBoxx $ Investment Grade Corporate Bond ETF and might put a stop to its current downtrend. Trend and momentum analysis indicates that iShares iBoxx $ Investment Grade Corporate Bond ETF's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Analysis based on the asset volatility indicates that iShares iBoxx $ Investment Grade Corporate Bond ETF's lower Bollinger Band® is at $107.51.
For the time being, iShares iBoxx $ Investment Grade Corporate Bond ETF remains flat without a clear direction.
A convincing break of this target could pave the way for deeper losses. Bollinger Bands® shows an indication of recovery: the lower band is at $77.87, a low enough level to, generally, suggest that Materials Select Sector SPDR Fund is trading below its fair value.
Technical analysis indicates that Materials Select Sector SPDR Fund (currently on a downtrend) might reverse course and start pointing upward in the short term.
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF made an initial foray below its 10 day Simple Moving Average around $13.89. On the other hand, note that Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF is alternating around the $13.85 support level with price action moving above and below this level several times during the session.
Despite the market lacking direction, technical chart analysis strongly suggests Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF is positioned for a downward move in the near term.
Fundamental indicators – United States API Weekly Crude Oil Stock came out at 3.62 million, while a consensus of analysts was expecting -1.6 million.
Upcoming fundamentals: United States Consumer Price Index is expected today at 12:30 UTC.
