XP closes at $23.73, up 1.15%, adding one more to its 5th straight day of gains

Investors are currently sidelined due to the July 4th holiday but will return to their desks tomorrow. Looking back over the previous session yesterday: bullish sentiment helped the Brazilian wealth manager to hammer out a noteworthy $23.37 to $24.04 range yesterday, and finally closing at $23.73 to end the session.

Meanwhile, United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released yesterday at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) released yesterday at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.

XP Inc. could be slowing down soon as it approaches resistance at $24.05. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $25.15, thereby suggesting that XP is becoming overvalued.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest XP is set for a reversal in the coming days.

A look at other financials stocks also showed bullish price action as Wells Fargo & Company was up 1.69%. Bank of America traded at $29.2 after closing yesterday's trading day at $28.69 (up 1.78%). The Blackstone Group Inc. was up 1.93%.

Also worthy of note, United States FOMC Meeting Minutes is expected tomorrow at 18:00 UTC.

The stock has been trending positively for about 3 months. The past 3 months have been positive for the Brazilian wealth manager as it added 115.43% compared to its 3-month low of $10.65.