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July 05, 2023
Investors are currently sidelined due to the July 4th holiday but will return to their desks today. Looking back over the previous session Monday: pronounced bullish sentiment in the market helped the financial solutions provider to make a notable 0.53% gain Monday, rising 10 cents and ultimately closing at $18.89.
Ares Capital Corporation's upper Bollinger Band® is at $19.35, this is a slight indication of a slowdown. Although Ares Capital is appreciating today after rising as high as $19.05, price action is now slowing and consolidating around 15 cents below the $19.04 resistance level. Despite this, Ares Capital formed a session range of $18.75 to $19.05 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $18.85.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Ares Capital is set for a reversal in the coming days.
This rally in Ares Capital's share price coincided with other financials stocks as Wells Fargo & Company traded at $43.4 after closing Monday's trading day at $42.68 (up 1.69%). Bank of America traded at $29.2 after closing Monday's trading day at $28.69 (up 1.78%). The Blackstone Group Inc. added 1.93% to its value, and traded at $94.76.
Monday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -729,000. It previously stood at -9.60 million; data will be released tomorrow at 15:00 UTC.
Also worthy of note, United States Initial Jobless Claims projected to come out at 245,000 — worse than previous data of 239,000; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Jun) will be released tomorrow at 12:15 UTC.
The stock has been trending positively for about 3 months. The financial solutions provider now trading 4.27% above its 3-month low of $16.84.
