While XP was in the midst of an 8 day downtrend— in which it lost a total of 17.52%— A possible reversal detected from yesterday; XP ended Friday at $17.58. yesterday it went up to $18.54 only to drop back, yet still managed to close at $17.75.
At the same time, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
XP Inc.'s lower Bollinger band is at $16.82, indicating that the market is oversold and fertile for new buyers. Despite this, although XP is appreciating today after rising as high as $18.54, price action is now slowing and consolidating around $1.05 below the $18.8 resistance level.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts XP to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the XP is expected to pick up significant bullish sentiment in the coming days.
This rally in XP's share price coincided with other financials stocks as JP Morgan Chase was up 4.2%. Bank of America added 6.06% to its value, and traded at $33.62.
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.55 million from the preceding figure of 9.88 million.
Furthermore, the market is looking at United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
XP has shed 35.63% over the past six months.