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April 09, 2023
Investors are currently sidelined due to the Good Friday holiday but will return to their desks tomorrow. Looking back over the previous session Thursday: an influx of sellers pushed the Brazilian investment management company to session lows around $10.77 while establishing a $10.77 to $11.07 session range Thursday.
XP Inc. could begin to recover as it approaches significant support, now 12 cents away from $10.71. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $10.41, a low enough level to, generally, suggest that XP is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems XP —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
XP was not the only decliner in the financials sector; American Express went down 1.4%, closed at $161.08.
On the other hand, positive performances could be seen by looking at other financials stocks as Wells Fargo & Company was up 2.74%. HSBC Holdings added 1.41% to its value, and traded at $35.18.
The Brazilian investment management company has shed 48.31% over the past six months.
