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April 09, 2023
Thursday at a glance: without a clear direction, iShares iBoxx $ Investment Grade Corporate Bond ETF closed at $110.33 while ranging between $110.23 and $110.6.
Technical analysis of iShares iBoxx $ Investment Grade Corporate Bond ETF's past price action reveals multiple support and resistance levels: iShares iBoxx $ Investment Grade Corporate Bond ETF is approaching key support, around 16 cents away from $110.17. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that iShares iBoxx $ Investment Grade Corporate Bond ETF's upper Bollinger Band® is at $111, suggesting that a downward move may follow.
Notwithstanding iShares iBoxx $ Investment Grade Corporate Bond ETF's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
While iShares iBoxx $ Investment Grade Corporate Bond ETF was pretty flat Thursday, mixed performances were seen elsewhere as Alphabet added 3.76% and closed around $104.95 Thursday. Alibaba is trading around $102.74 after ending Thursday's session at $98.55 (up 4.25% today). Notably, Microsoft rose 2.55% Thursday and closed at $284.34.
After hitting an important low of $99.2 approximately 5 months ago, iShares iBoxx $ Investment Grade Corporate Bond ETF has bounced back 11.32% since.
