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March 01, 2023
Yesterday at a glance: slightly down but mostly flat: Ares Capital ranged between $19.35 and $19.53 before closing at $19.36.
United States Consumer Confidence fell short of the 108.5 projections, with new data of 102.9.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
Ares Capital's notable support and resistance levels: Ares Capital Corporation could begin to recover as it approaches significant support, now 7 cents away from $19.29. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that Ares Capital made an initial break below its 5 day Simple Moving Average at $19.38, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Ares Capital's lower Bollinger Band® is at $19.21, 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 Ares Capital has no clear-cut direction.
Ares Capital was not the only decliner in the financials sector; Goldman Sachs drops 3.8% yesterday to close at $365.53.
On the other hand, positive performances could be seen by looking at other financials stocks as JP Morgan Chase was up 0.84%. HSBC Holdings was up 0.87%.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 457,000 while previous data was 7.65 million; data will be released today at 15:30 UTC. United States Initial Jobless Claims projected to decline to 195,000 while previous data was 192,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States ISM Manufacturing PMI (Feb) scheduled to come out today at 15:00 UTC.
The stock has been trending positively for about 2 months. Ares Capital hit a significant low of $16.84 around 5 months ago, but has since recovered 15.5%.
