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March 14, 2023
Yesterday at a glance: the Brazilian wealth manager dropped 3.36% early on and traded close to the $10.94 level.
Amid the market gloom, United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
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. Despite this, XP could begin to recover as it approaches significant support, now 28 cents away from $10.66. Dipping below could be an indication that further losses are ahead.
Looking forward, XP is poised to extend its strong downtrend and continue declining.
XP was not the only decliner in the financials sector; Wells Fargo & Company crashes 7.13% yesterday to close at $41.36. Bank of America closed at $28.51 (down 5.81%). American Express went down to $157.63, losing 4.87% after it closed at $165.7 yesterday.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of 3%. New data is set to be published tomorrow at 12:30 UTC. United States Core Retail Sales projected to decline to -0.1% while previous data was 2.3%; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to 0.3% from the preceding figure of 0.7%.
Trending downwards for around a month. XP hit a significant low of $10.94 around a day ago, but has since recovered 3.47%.
