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June 30, 2023
A quick look at today: a bright session dominated by bullish sentiment helped LQD to close 79 cents higher, while setting a $107.44 to $108.19 session range.
On the flip side, data from United States concerning Pending Home Sales was released yesterday at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of -0.4% to -2.7% this month.
Meanwhile, United States Core PCE Price Index (YoY) (May) released today at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3.
Concerning technical analysis and more specifically, trend indicators, iShares iBoxx $ Investment Grade Corporate Bond ETF made an initial breakout above its 50 day Simple Moving Average at $107.8, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $107.86 by around 28.454 cents with prices hammering out a $107.44 – $108.19 session range. According to asset volatility analysis, iShares iBoxx $ Investment Grade Corporate Bond ETF's upper Bollinger Band® is at $108.53, this is a slight indication of a slowdown. Chart analysis suggests iShares iBoxx $ Investment Grade Corporate Bond ETF could be slowing down soon; it is getting close to the resistance line and is now at $108.42, only 28 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
All in all, the technical analysis suggests iShares iBoxx $ Investment Grade Corporate Bond ETF has no clear-cut direction.
IShares iBoxx $ Investment Grade Corporate Bond ETF shows positive signs, other assets are also on par: Novo Nordisk is trading around $161.83 after ending today's session at $157.03 (up 3.06% today). Walmart went up by 1.88% today, and closed at $157.18.
Meanwhile, Nike is down to $110.37, losing $3, after ending the previous session around $113.37.
IShares iBoxx $ Investment Grade Corporate Bond ETF is now trading 8.22% above the significant low ($99.2) it slumped to 8 months ago.
