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May 11, 2023
A quick look at yesterday: iShares Global Clean Energy ETF recovered from the previous trading session's losses and went up to $18.58 yesterday after it traded lower at $18.46.
IShares Global Clean Energy ETF upside coincides with further encouraging market factors as United States Crude Oil Inventories beat the -917,000 projections, with 2.95 million.
Meanwhile, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 4.9%, while the previous figure was 5%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
Despite posting gains on yesterday, iShares Trust – iShares Global Clean Energy ETF slid below its 10 day Simple Moving Average at $18.51 during the last session — an early indicator that a negative trend could be emerging. IShares Global Clean Energy ETF could be slowing down soon; it is getting close to the resistance line and is now at $18.67, only 9 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates iShares Global Clean Energy ETF is set for a reversal in the coming days.
Other markets are also showing gains as Alphabet is trading around $112.28 after ending yesterday's session at $107.94 (up 4% today). Amazon surges 3.35% yesterday and closed at $106.62.
Meanwhile, Anheuser-Busch lost 2.68% yesterday and closed at $63.51.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published today at 12:30 UTC.
Furthermore, the market is looking at as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 245,000, following on from the preceding figure of 242,000. New data is set to be published today at 12:30 UTC.
Approximately 8 months ago, iShares Global Clean Energy ETF reached a significant high of $23.61 but has struggled to hold onto its gains and declined 21.77% since then.
