Solid session for Ares Capital generates 1.86% gain yesterday

Yesterday at a glance: Ares Capital rallied 1.86% and ended the session at $18.62.

United States Fed Chair Powell speech is next today at 06:30 UTC.

Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -1.76 million with a reading of -9.60 million.

At the same time, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.

Ares Capital Corporation made an initial breakout above its 50 day Simple Moving Average at $18.5, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $18.44 by around 18.362 cents with prices hammering out a $18.28 – $18.63 session range. In contrast, Ares Capital is 12 cents away from testing key resistance at $18.74. Peaking above this level could inspire market bulls and open the path to further gains.

Overall, looking at the technical analysis landscape, it seems Ares Capital might continue pointing upwards in the short term.

A look at other financials stocks also showed bullish price action as American Express traded at $169.78 after closing yesterday's trading day at $168.19 (up 0.95%).

While Ares Capital was bullish yesterday, the following financials stocks underperformed: Royal Bank Of Canada descends 0.8% yesterday to close at $95.05. Wells Fargo & Company closed at $40.62 (down 0.71%).

Also worthy of note, today at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. United States Initial Jobless Claims projected to come out at 266,000 — worse than previous data of 264,000; data will be released today at 12:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (May) is scheduled for tomorrow at 12:30 UTC.

Trading mostly sideways for 3 months. The financial solutions provider now trading 5% above its 3-month low of $16.84.