Though in the midst of a 3 day uptrend, gaining a total of 2.34%, ($2.55), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. IShares MSCI USA Value Factor ETF dipped as low as $97.31 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($98.04) with iShares MSCI USA Value Factor ETF closing the day at $97.57.
On the flip side, positive data for iShares MSCI USA Value Factor ETF released earlier when highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 225,000.
Meanwhile, United States ISM Manufacturing PMI (Nov) came out at 49, while a consensus of analysts was expecting 49.8. United States Core PCE Price Index (MoM) (Oct) released yesterday at 13:30 UTC with a figure of 0.2, while the previous figure was 0.5.
Technical chart analysis shows iShares MSCI USA Value Factor ETF could begin to recover as it approaches significant support, now $1.66 away from $95.91. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that investors are seeking long positions as iShares MSCI USA Value Factor ETF price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that iShares MSCI USA Value Factor ETF's upper Bollinger Band® is at $99.13 which indicates a further downward move may follow.
Notwithstanding iShares MSCI USA Value Factor ETF's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Costco lost 6.56% yesterday and closed at $539.25. After ending yesterday's session at $160.25, Salesforce lost $13.25 and is trading around $147.
Looking ahead, ongoing depreciation may be prolonged as today at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 261,000.
Furthermore, United States Unemployment Rate figure is projected at 3.7. It previously stood at 3.7; data will be released today at 13:30 UTC.
IShares MSCI USA Value Factor ETF hit a significant low of $81.86 around 2 months ago, but has since recovered 19.58%.