The Brazilian wealth manager found support around the $15.6 level, after closing Friday at $15.9 and dropping by 1.89% yesterday.
- United States Consumer Price Index is next today at 13:30 UTC.
- XP has been on a downtrend for 7 days, losing $2.47, with yesterday's session adding to the run.
Earlier data releases related to XP – United States Federal Budget Balance (Nov) released yesterday at 19:00 UTC with a figure of -249 billion, while the previous figure was -88 billion. United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.625, while the previous figure was 4.14.
Technical analysis of XP before data is released:
A study of XP's historical price actions shows although XP Inc. is pointing down today (was as low as $15.12), it's climbing away from the $15.24 support line and is now 36 cents above it. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $15, a low enough level to, generally, suggest that XP is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates XP will remain range-bound for the immediate future.
Coming up for XP — United States Consumer Price Index is expected today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million. It previously stood at -5.19 million; data will be released tomorrow at 15:30 UTC.
As the markets get ready for more data to be released — Visa Inc. was up 2.82%. Mastercard was up 2.68%. Berkshire Hathaway traded at $311.45 after closing yesterday's trading day at $306.39 (up 1.65%).
A day ago, the Brazilian investment management company fell to a low of $15.6 but has since recovered 1.92%.