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May 24, 2023
IShares MSCI USA Value Factor ETF drops 91 cents early on and steadies around the $88.48 level.
United States's Crude Oil Inventories new data released of -12.46 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (-920,000) with a reading of -12.46 million, continuing the decline from the previous figure of 5 million.
Amid the market gloom, United States New Home Sales (Apr) came out at 683,000, while a consensus of analysts was expecting 663,000. United States Services PMI released yesterday at 13:45 UTC with a figure of 55.1, while the previous figure was 53.6.
As the day gets underway, chart analysis suggests iShares MSCI USA Value Factor ETF fell below the $88.8 support zone and moved 32 cents beyond it; the next level of support with significant buyer interest is estimated at $87.92. Trend and momentum analysis indicates that iShares MSCI USA Value Factor ETF made an initial break below its 10 day Simple Moving Average at $89, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $87.45, a low enough level to, generally, suggest that iShares MSCI USA Value Factor ETF is trading below its fair value.
All in all, the technical analysis suggests iShares MSCI USA Value Factor ETF has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Intuit is down to $419.69, losing $30.11, after closing at $449.8 in the preceding trading session. Thermo Fisher Scientific closed at $508.63 (down 3.14%). BHP Billiton is trading around $55.53 (down $2.21).
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to decline to 250,000 while previous data was 242,000; data will be released tomorrow at 12:30 UTC.
In addition, United States Pending Home Sales is projected to outperform its last figure with 0.5%, having previously been at -5.2%. The figure will be published tomorrow at 14:00 UTC.
Furthermore, United States GDP figure is projected at 1.1. It previously stood at 1.1; data will be released tomorrow at 12:30 UTC.
The fund has been trending lower for about a month. IShares MSCI USA Value Factor ETF has shed 6.03% over the past three months.
