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April 27, 2023
From an earlier low of $13.45, the Brazilian investment management company is on track to end the session around $14.16 after gaining 85 cents compared to last trading session's $13.31 (6.39%).
United States's Pending Home Sales new data released of -5.2% below its previous figure.
XP's uptick comes amid good United States macroeconomic data released during the day — highly important Initial Jobless Claims data from United States beat analyst expectations of 248,000 with a reading of 230,000.
On the flip side, United States Pending Home Sales published today at 14:00 UTC came out at -5.2%, falling short of the 0.5% projections and continuing its decline from the previous 0.8% figure. Following a previous reading of 2.6, GDP in United States released today at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1.
XP Inc.'s upper Bollinger Band® is at $15.1, this is a slight indication of a slowdown. XP broke through the $13.86 resistance and climbed 30 cents above it. In contrast, Fibonacci-focused traders would be interested to note that XP is oscillating around the key Fibonacci resistance level of $13.84.
Examining the technical analysis landscape, XP is likely to reverse course and start pointing downward in the short term.
This rally in XP's share price coincides with other financials stocks as S&P Global added 4.87% to its value, now trading at $356.62. Berkshire Hathaway gained 1.82%, currently at $326.37. Morgan Stanley is up 2.75%.
Elsewhere, United States Core PCE Price Index (MoM) (Mar) is scheduled for tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. The Brazilian wealth manager has recovered 25% since descending to a significant low of $10.65 around a month ago.
