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June 07, 2023
A quick look at yesterday: a bright session dominated by bullish sentiment helped VLUE to close $1.14 higher, while setting a $89.65 to $91.2 session range.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to 1 million.
At the same time, United States API Weekly Crude Oil Stock came out at -1.71 million, while a consensus of analysts was expecting 1.5 million.
IShares MSCI USA Value Factor ETF made an initial breakout above its 50 day Simple Moving Average at $90.44, a potential indicator of a newly emerging bullish phase. IShares MSCI USA Value Factor ETF formed a session range of $89.65 to $91.2 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $90.92. Despite this, iShares MSCI USA Value Factor ETF is 58 cents away from testing key resistance at $91.59. Peaking above this level could inspire market bulls and open the path to further gains. Bollinger Band® analysis indicates that current price action is approaching the upper band at $91.06, thereby suggesting that iShares MSCI USA Value Factor ETF is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems iShares MSCI USA Value Factor ETF likely to continue pointing upward in the short term.
IShares MSCI USA Value Factor ETF shows positive signs, other assets are also on par: Intel surges 3.68% yesterday and closed at $29.86. Toyota soars 1.89% yesterday and closed at $145.73.
At the same time, after ending yesterday's session at $113.11, Merck lost $3.11 and is trading around $110.
Also worthy of note, United States Crude Oil Inventories projected to decline to 1 million while previous data was 4.49 million; data will be released today at 14:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 238,000 from the preceding figure of 232,000.
IShares MSCI USA Value Factor ETF has shed 4.35% over the past three months.
