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March 07, 2023
After ending yesterday at $11.92, the Brazilian wealth manager recovers back to $11.91 after dipping down to $11.62 today.
XP is currently trading at $11.91 following the release of EIA Short-Term Energy Outlook data from the United States.
This uncertain state for XP is reflected by published market data as United States 3-Year Note Auction released today at 18:00 UTC with a figure of 4.635, while the previous figure was 4.073. Data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
XP Inc. made an initial break below its 5 day Simple Moving Average at $11.86, a possible indication of a forthcoming negative trend. In contrast, XP is approaching key support, around 37 cents away from $11.54. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests XP is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other financials stocks as S&P Global is down to $337.17, losing 4.03%, after ending yesterday at $351.32. Wells Fargo & Company is trading around $44.42 (down 4.73%). JP Morgan Chase is down to $138.56, losing 3%, after ending yesterday at $142.82.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories projected to decline to -308,000 while previous data was 1.17 million; data will be released tomorrow at 15:30 UTC. United States ADP Nonfarm Employment Change (Feb) is expected tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) scheduled to come out tomorrow at 15:00 UTC.
On a negative trend for around a month. The Brazilian investment management company is now trading 3.74% above the significant low ($11.49) it slumped to 4 days ago.
