Investors are currently sidelined due to the Good Friday holiday but will return to their desks Monday. Looking back over the previous session Thursday: pronounced bearish market sentiment ensured that the Brazilian investment management company made a notable 1.55% loss Thursday, declining 17 cents and ultimately closing at $10.83.
Non Farm Payrolls in United States fell short of market expectations (239,000) with a reading of 236,000, continuing the decline from the previous figure of 326,000.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Unemployment Rate came out at 3.5, better than analyst estimates of 3.6 and improving upon the previous reading of 3.6.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
Bollinger Bands® shows an indication of recovery: the lower band is at $10.41, a low enough level to, generally, suggest that XP Inc. is trading below its fair value. XP could begin to recover as it approaches significant support, now 12 cents away from $10.71. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems XP —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
XP was not the only decliner in the financials sector; American Express lost 1.4% Thursday and closed at $158.83.
On the other hand, positive performances could be seen by looking at other financials stocks as Wells Fargo & Company was up 2.74%. HSBC Holdings traded at $35.18 after closing Thursday's trading day at $34.69 (up 1.41%).
The Brazilian investment management company traded as high as $30.71 before shedding 48.31% lower over the past six months.