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May 27, 2023
Yesterday at a glance: after finishing Thursday at $87.85, iShares MSCI USA Value Factor ETF went up to $89.27 before paring its losses and closing at $89.11.
On the flip side, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%.
Meanwhile, United States Core PCE Price Index (MoM) (Apr) released yesterday at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.
Trend analysis indicates that iShares MSCI USA Value Factor ETF made an initial breakout above its 10 day Simple Moving Average at $88.89, a potential indicator of a newly emerging bullish phase. Fibonacci-minded traders witnessed a key Fib resistance level of $89.26 holding firm – an indicator of highly concentrated supply around this level. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $90.41, thereby suggesting that iShares MSCI USA Value Factor ETF is becoming overvalued. Chart analysis suggests iShares MSCI USA Value Factor ETF could be slowing down soon as it approaches resistance at $89.2. Of course, crossing it might suggest further gains are ahead.
With market volatility ebbing, the current technical outlook indicates iShares MSCI USA Value Factor ETF will remain range-bound for the immediate future.
IShares MSCI USA Value Factor ETF shows positive signs, other assets are also on par: Costco added 4.26% and closed around $486.55 yesterday. Notably, Intel rose 5.84% yesterday and closed at $27.4. Netflix surges 5.54% yesterday and closed at $359.
The fund has been trending lower for about a month. IShares MSCI USA Value Factor ETF has shed 5.54% over the past three months.
