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April 26, 2023
Today at a glance: iShares MSCI USA Value Factor ETF slid into the red after losing 96 cents and ending the session at $89.27.
United States's Crude Oil Inventories new data released of -5 million below its previous figure.
United States Crude Oil Inventories fell short of the -1.49 million projections, with new data of -5 million.
On the flip side, positive data for iShares MSCI USA Value Factor ETF released earlier when United States Core Durable Goods Orders beat analyst expectations of -0.2% and the previous reading of -0.3% with new data of 0.3%.
While price action maintains a negative bias, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.
Technical analysis of iShares MSCI USA Value Factor ETF's past price action reveals multiple support and resistance levels: iShares MSCI USA Value Factor ETF could begin to recover as it approaches significant support, now 47 cents away from $88.8. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that iShares MSCI USA Value Factor ETF's lower Bollinger Band® is at $89.6, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates iShares MSCI USA Value Factor ETF will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, NextEra Energy crashes 4.82% today and closed at $77.82. Raytheon Technologies dips 3.37% today and closed at $101.09.
Positive performances can be seen by looking at other markets as Microsoft skyrockets 7.24% today and closed at $275.42.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. United States GDP expected to decline to two while its preceding data was 2.6, data will be available tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to decline to 248,000 while previous data was 245,000; data will be released tomorrow at 12:30 UTC.
IShares MSCI USA Value Factor ETF is now trading 8.09% below its 3-month high of $103.63.
