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March 01, 2023
While XP was in the midst of a 9 day downtrend— in which it lost a total of 23.33%— A possible change of direction spotted from yesterday; generally flat but with a slight bullish bias, XP ranged between $12.11 and $12.51 before closing higher at $12.42.
United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.
On the flip side, United States Consumer Confidence fell short of the 108.5 projections, with new data of 102.9.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
XP Inc. could be slowing down soon; it is getting close to the resistance line and is now at $12.58, only 16 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. 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.
Examining the technical analysis landscape, XP is likely to reverse course and start pointing downward in the short term.
A look at other financials stocks also showed bullish price action as JP Morgan Chase added 0.84% to its value, and traded at $143.35.
While XP was bullish yesterday, the following financials stocks underperformed: Goldman Sachs went down to $351.65, losing 3.8% after it closed at $365.53 yesterday.
Also worthy of note, today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 457,000 from the preceding figure of 7.65 million. United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 192,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Feb) scheduled to come out today at 15:00 UTC.
Trending downwards for around a month. Approximately 11 months ago, the Brazilian wealth manager reached a significant high of $33.5 but has struggled to hold onto its gains and declined 63.1% since then.
