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April 30, 2023
A quick look at Friday: after finishing Thursday at $109.08, iShares iBoxx $ Investment Grade Corporate Bond ETF went up to $110 before paring its losses and closing at $109.93.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $110.6, thereby suggesting that iShares iBoxx $ Investment Grade Corporate Bond ETF is becoming overvalued. IShares iBoxx $ Investment Grade Corporate Bond ETF could be slowing down soon as it approaches resistance at $110.11. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, iShares iBoxx $ Investment Grade Corporate Bond ETF is likely to reverse course and start pointing downward in the short term.
Other markets are also showing gains as Mondelez International added 3.93% and closed around $73.82 Friday.
At the same time, after ending Friday's session at $56.09, Sanofi lost $2.44 and is trading around $53.65. Sony Group Corporation is down to $89.67, losing $5.42, after ending the previous session around $95.09.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Apr) scheduled to come out tomorrow at 14:00 UTC.
IShares iBoxx $ Investment Grade Corporate Bond ETF hit a significant low of $99.2 around 6 months ago, but has since recovered 9.96%.
