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April 18, 2023
- United States Oil Fund LP's downward trend will be tested at $70.26 as key support
- Bollinger analysis indicates upper Band® is at $219.8
IShares Russell 2000 ETF made an initial foray below its 3 day Simple Moving Average around $177.82. IShares Russell 2000 ETF's upper Bollinger Band® at $180.2, suggesting a further decline is forthcoming. On the other hand, note that iShares Russell 2000 ETF could begin to recover as it approaches significant support, now 43 cents away from $177.4. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts iShares Russell 2000 ETF to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the iShares Russell 2000 ETF is expected to attract significant bearish sentiment in the coming days.
Technical analysis trend indicators suggest that Vanguard Small Cap Growth ETF's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. Vanguard Small Cap Growth ETF is currently flirting with an active Fibonacci support level around $217.43. Analysis based on the asset volatility indicates that Vanguard Small Cap Growth ETF's upper Bollinger Band® is at $219.8, suggesting that a downward move may follow. Technical chart analysis shows Vanguard Small Cap Growth ETF is eyeing the $215.97 support line.
For the time being, Vanguard Small Cap Growth ETF remains flat without a clear direction.
Analysis of United States Oil Fund LP's recent price action suggests a convincing break of this target could pave the way for deeper losses.
Fundamental indicators – United States Building Permits (Mar) released today at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million.
Upcoming fundamentals: as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -2.46 million, following on from the preceding figure of 597,000. New data is set to be published tomorrow at 14:30 UTC.
