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May 10, 2023
Yesterday at a glance: the Brazilian wealth manager rose as high as $15.48 before giving up its gains and dropping back to $15.13 before the close on yesterday.
At the same time, United States API Weekly Crude Oil Stock came out at 3.62 million, while a consensus of analysts was expecting -1.6 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.
Support/Resistance levels obtained from chart analysis indicate that XP Inc. could be slowing down soon as it approaches resistance at $15.5. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that investors are seeking long positions as XP price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that XP's upper Bollinger Band® is at $15.15, this is a slight indication of a slowdown.
Overall, while XP has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in XP's share price coincided with other financials stocks as Visa Inc. traded at $233.26 after closing yesterday's trading day at $232.23 (up 0.44%).
While XP was bullish yesterday, the following financials stocks underperformed: Royal Bank Of Canada went down to $96.77, losing 1.47% after it closed at $98.21 yesterday. HDFC Bank Limited descends 1.68% yesterday to close at $67.12.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.1%; data will be released today at 12:30 UTC.
The stock has been trending positively for about a month. A month ago, the Brazilian wealth manager fell to a low of $10.65 but has since recovered 39.62%.
