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February 22, 2023
IShares Global Clean Energy ETF is down to $19.16, after ending yesterday at $19.31. Overall, a 0.78% loss or 15 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, iShares Global Clean Energy ETF's lower Bollinger Band® is at $19.11, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the day gets underway, chart analysis suggests iShares Global Clean Energy ETF could begin to recover as it approaches significant support, now 5 cents away from $19.21. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests iShares Global Clean Energy ETF has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Rio Tinto is down $3.31 from the beginning of the session and now trades around $72.07. After ending yesterday's session at $66.27, BHP Billiton lost $2.47 and is trading around $63.8. Exxon Mobil closed at $108.76 (down 2.17%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at 1.17 million — worse than previous data of 16.28 million; data will be released tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
The fund has been trending lower for about a month. 6 months ago iShares Global Clean Energy ETF reached a significant high of $23.61 but has consequently lost 18.21% since then.
