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May 16, 2023
Yesterday at a glance: the Brazilian wealth manager rallied 2.41% and maintained $15.75.
United States Core Retail Sales data will be released today at 12:30 UTC, with an expected improvement to 0.4% (previous figure was -0.4%).
At the same time, United States TIC Net Long-Term Transactions (Mar) came out at 133.3 billion, while a consensus of analysts was expecting 85.4 billion. United States NY Empire State Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -31.8, while the previous figure was 10.8.
XP Inc. made an initial breakout above its 3 day Simple Moving Average at $15.53, a potential indicator of a newly emerging bullish phase. In contrast, XP could be slowing down soon as it approaches resistance at $16.08. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $16.15, thereby suggesting that XP is becoming overvalued.
According to technical analysis, it looks as if XP likely to continue pointing upward in the short term.
This rally in XP's share price coincided with other financials stocks as Wells Fargo & Company was up 3.41%. HSBC Holdings added 2.51% to its value, and traded at $38.44. Royal Bank Of Canada traded at $97.22 after closing yesterday's trading day at $95.89 (up 1.39%).
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Retail Sales is projected to outperform its last figure with 0.8%, having previously been at -0.6%. The figure will be published today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to -1.3 million while its preceding data was 2.95 million, data will be available tomorrow at 14:30 UTC.
The stock has been trending positively for about a month. XP hit a significant low of $10.65 around a month ago, but has since recovered 44.41%.
