A quick look at yesterday: Ares Capital went up to $19.51, gaining 0.46%.
Meanwhile, United States U.S. Baker Hughes Oil Rig Count released yesterday at 18:00 UTC with a figure of 622, while the previous figure was 613. Fresh U.S. Baker Hughes Total Rig Count data from United States came out at 779. United States Michigan Consumer Sentiment (Nov) came out at 54.7, while a consensus of analysts was expecting 59.5.
Although Ares Capital Corporation is appreciating today after rising as high as $19.66, price action is now slowing and consolidating around 5 cents below the $19.56 resistance level. Despite posting gains on yesterday, Ares Capital slid below its 10 day Simple Moving Average at $19.4 during the last session — an early indicator that a negative trend could be emerging.
Ares Capital is likely to reverse course and start pointing downward in the short term.
This rally in Ares Capital's share price coincided with other financials stocks as PayPal traded at $91.03 after closing yesterday's trading day at $86.8 (up 4.87%). The Blackstone Group Inc. traded at $108.77 after closing yesterday's trading day at $103.52 (up 5.07%). Berkshire Hathaway traded at $309.72 after closing yesterday's trading day at $303.2 (up 2.15%).
The stock has been trending positively for about a month. After hitting an important low of $16.84 approximately a month ago, Ares Capital has bounced back 15.32% since.