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April 13, 2023
Yesterday at a glance: after a mostly steady day, iShares MSCI USA Value Factor ETF lost 0.7% deep into the session, ending up at $92.8.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 232,000. Potentially significant price fluctuations in iShares MSCI USA Value Factor ETF are expected to follow.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000.
Amid the market gloom, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.
IShares MSCI USA Value Factor ETF made an initial break below its 200 day Simple Moving Average at $92.78, a possible indication of a forthcoming negative trend. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. IShares MSCI USA Value Factor ETF is currently flirting with an active Fibonacci support level around $93.08. IShares MSCI USA Value Factor ETF's upper Bollinger Band® is at $94.42 which indicates a further downward move may follow. In contrast, iShares MSCI USA Value Factor ETF could begin to recover as it approaches significant support, now 50 cents away from $92.3. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts iShares MSCI USA Value Factor ETF to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the iShares MSCI USA Value Factor ETF is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Alibaba is down to $93.84, losing $5.92, after ending the previous session around $99.76. Walt Disney lost 2.47% yesterday and closed at $100.42.
Other assets are showing positive performances as Novo Nordisk is trading around $163.52 after ending yesterday's session at $158.37 (up 3.25% today).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Retail Sales projected to come out at -0.3% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to decline to 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%, having previously been at -0.1%. The figure will be published today at 12:30 UTC.
IShares MSCI USA Value Factor ETF hit a significant low of $81.86 around 6 months ago, but has since recovered 14.16%.
