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May 04, 2023
- Key support level at $6.18 currently only 13 cents away
- United States Natural Gas Fund LP's upper Bollinger Band® is at $7.41.
Technical analysis trend indicators suggest that iShares S&P 500 Value ETF made an initial foray below its 21 day Simple Moving Average around $152.26. Price action pushed below a known Fibonacci support level at $151.22 by around 24.352 cents with prices hammering out a $150.94 – $153.15 range by session close. Analysis based on the asset volatility indicates that iShares S&P 500 Value ETF's lower Bollinger Band® is at $149.76, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis of iShares S&P 500 Value ETF's past price action reveals multiple support and resistance levels: iShares S&P 500 Value ETF is trending down and heading towards $150.23, which is only 75 cents away now. Hitting this support line might signal a change of direction.
For the time being, iShares S&P 500 Value ETF remains flat without a clear direction.
Visual analysis of United States Natural Gas Fund LP's chart shows that bearish run for United States Natural Gas Fund LP is facing a possible turning point at $6.18, which is only 13 cents away. If this support line fails to hold, the next target will be at $6.05. Trend analysis indicates that United States Natural Gas Fund LP's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $6.22, a low enough level to, generally, suggest that United States Natural Gas Fund LP is trading below its fair value.
For the time being, United States Natural Gas Fund LP remains flat without a clear direction.
Vanguard Mid-Cap ETF's downtrend might be halted by its support level at $203.86, which is only $1.13 away. Despite being in the red so far in the current trading session, Vanguard Mid-Cap ETF peaked above its 5 day Simple Moving Average around $207.28 — typically an early indicator of a new bullish trend beginning to emerge. Vanguard Mid-Cap ETF's lower Bollinger Band® is now at $204.19.
Technical analysis shows that Vanguard Mid-Cap ETF (currently on a downtrend) might reverse course and start going up in the short term.
Fundamental indicators – United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five.
Upcoming fundamentals: United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 236,000, data will be available tomorrow at 12:30 UTC.
