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March 14, 2023
Yesterday at a glance: a tough session dominated by bearish sentiment left VLUE $1.46 lower, while setting a $88.47 to $90.22 session range.
While price action maintains a negative bias, United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
A study of iShares MSCI USA Value Factor ETF's chart reveals various key levels to watch: although iShares MSCI USA Value Factor ETF is down today and was as low as $88.47, it seems to be recovering slightly and climbing away from the $88.15 support line and is now 83 cents above it. Trend-following investors would be interested to note 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. According to momentum evaluation, the Relative Strength Index indicates iShares MSCI USA Value Factor ETF is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, iShares MSCI USA Value Factor ETF's lower Bollinger Band® is at $89.05, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests iShares MSCI USA Value Factor ETF has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Wells Fargo & Company is down to $38.41, losing $2.95, after ending the previous session around $41.36. After ending yesterday's session at $30.27, Bank of America lost $1.76 and is trading around $28.51. American Express dips 4.87% yesterday and closed at $165.7.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of 3%. United States Core Retail Sales projected to come out at -0.1% — worse than previous data of 2.3%; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of 0.3%, following on from the preceding figure of 0.7%. New data is set to be published tomorrow at 12:30 UTC.
All in all, the fund has been on a negative trend for around a month. IShares MSCI USA Value Factor ETF has shed 6.73% over the past three months.
