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June 16, 2023
After having closed Wednesday at $21.14, the Brazilian investment management company rallied above $21.88 yesterday, for the first time in 8 months — gaining 72 cents — and closed at $21.86.
XP's uptick comes amid good United States macroeconomic data released during the day — United States Retail Sales released yesterday at 12:30 UTC is better than expected at 0.3% but down from preceding data of 0.4% according to new data.
XP's uptick comes amid disappointing United States macroeconomic data released during the session – United States Initial Jobless Claims fell short of the 250,000 projections, with new data of 262,000.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) released yesterday at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates XP is currently 'overbought' which suggests new gains will be harder to obtain. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $22.28, thereby suggesting that XP is becoming overvalued. Visual analysis of XP's chart shows that XP is 25 cents away from testing key resistance at $22.11. Peaking above this level could inspire market bulls and open the path to further gains.
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 BlackRock added 2.71% to its value, and traded at $711.19. The Blackstone Group Inc. gained 2.61%, as it traded at $92.65. S&P Global added 1.75% to its value, and traded at $400.
The stock has been trending positively for about 2 months. The Brazilian wealth manager is up 98.5% from the significant low of $10.65 it hit 2 months ago.
