Yesterday at a glance: the financial solutions provider went up to $19.76, gaining 0.36%.
Ares Capital's uptick comes amid good United States macroeconomic data released during the day — United States Producer Price Index beat analyst expectations of 0.4% and the previous reading of -0.2% with new data of 0.7%. United States Initial Jobless Claims improved upon its previous reading of 195,000 with a new data release of 194,000.
At the same time, United States Philadelphia Fed Manufacturing Index (Feb) came out at -24.3, while a consensus of analysts was expecting -7.4.
Support/Resistance levels obtained from chart analysis indicate that Ares Capital Corporation could be slowing down soon; it is getting close to the resistance line and is now at $19.87, only 11 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. With regards to technical trend indicators, chart analysis show that Ares Capital made an initial breakout above its 10 day Simple Moving Average at $19.76, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Ares Capital's upper Bollinger Band® is at $20.09, this is a slight indication of a slowdown.
Overall, the technical outlook suggests Ares Capital is likely to remain muted for the immediate future, with no clear-cut direction.
While Ares Capital was bullish yesterday, the following financials stocks underperformed: S&P Global went down 2.65%, closed at $367.57. Visa Inc. lost 1.35% yesterday and closed at $225.83. The Blackstone Group Inc. went down to $94.44, losing 2.27% after it closed at $96.63 yesterday.
The stock has been trending positively for about 2 months. The business development company has managed to gain 6.43% so far this year despite trading at lows around $16.84 previously.