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June 01, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left VLUE 82 cents lower, while setting a $87.72 to $88.53 session range.
United States ADP Nonfarm Employment Change (May) is next today at 12:15 UTC.
Meanwhile, United States JOLTs Job Openings (Apr) released yesterday at 14:00 UTC with a figure of 10.10 million, while the previous figure was 9.74 million. United States API Weekly Crude Oil Stock came out at 5.20 million, while a consensus of analysts was expecting -1.22 million. Fresh OPEC Crude Oil Production Algeria (Barrel) data from United States came out at 960,000.
After reaching the $87.78 support zone, iShares MSCI USA Value Factor ETF bounced and climbed 44 cents above it. Bollinger Bands® shows an indication of recovery: the lower band is at $87.48, a low enough level to, generally, suggest that iShares MSCI USA Value Factor ETF is trading below its fair value. On the other hand, note that having stamped out a session range of $87.72 to $88.53, Fibonacci-inclined iShares MSCI USA Value Factor ETF traders were highly concentrated around active Fibonacci support at $88.06.
Technical analysis indicates that iShares MSCI USA Value Factor ETF (currently on a downtrend) might reverse course and start pointing upward in the short term.
Positive performances can be seen by looking at other markets as Pfizer leaps up 2.73% yesterday and closed at $37. Intel added 4.83% and closed around $30 yesterday. Verizon went up by 2.09% yesterday, and closed at $35.63.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million, having previously been at -12.46 million. The figure will be published today at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (May) is scheduled for today at 12:15 UTC.
All in all, the fund has been on a negative trend for around a month. IShares MSCI USA Value Factor ETF is now trading 5.83% below its 3-month high of $102.47.
