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May 23, 2023
A quick look at yesterday: after ending Friday at $89.7, iShares MSCI USA Value Factor ETF went up to $90.14 only to drop back, yet still traded well overall and closed at $89.87 yesterday.
Despite posting gains on yesterday, iShares MSCI USA Value Factor ETF slid below its 21 day Simple Moving Average at $89.66 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $91.37, thereby suggesting that iShares MSCI USA Value Factor ETF is becoming overvalued. IShares MSCI USA Value Factor ETF could be slowing down soon as it approaches resistance at $90.3. Of course, crossing it might suggest further gains are ahead. On the other hand, note that Fibonacci-focused traders would be interested to note that iShares MSCI USA Value Factor ETF is oscillating around the key Fibonacci resistance level of $90.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates iShares MSCI USA Value Factor ETF is set for a reversal in the coming days.
Other markets are also showing gains as Pfizer skyrockets 5.38% yesterday and closed at $36.77.
Meanwhile, Nike is down to $110.18, losing $4.58, after ending the previous session around $114.76. Procter & Gamble drops 2.62% yesterday and closed at $153.17.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC.
Also worthy of note, United States New Home Sales (Apr) will be released today at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released today at 13:45 UTC.
All in all, the fund has been on a negative trend for around a month. IShares MSCI USA Value Factor ETF is now trading 5.21% below its 3-month high of $103.
