HSBA.L unable to break through key resistance level


HSBC (HSBA.L) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
HSBA.L unable to break through key resistance level
HSBA.L runs into sellers again around 738.90
HSBA.L rises to highest close since May 23rd
HSBA.L closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

HSBA.L ended Thursday at 734.60 edging higher £1.80 (0.25%). Today's closing price of 734.60 marks the highest close since May 23rd. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for HSBA.L
Volatility

Thursday's trading range was £14.00 (1.93%), that's far above last trading month's daily average range of £8.67. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Unable to break through the key technical resistance level at 736.60, HSBC closed below it after spiking as high as 738.90 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 739.10 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 738.90.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying could speed up should prices move above the nearby swing high at 739.10 where further buy stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for HSBC
Condition Forecast Direction Win Avg Worst Best Events
3 Consecutive Lower Closes TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Black Candle TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when HSBC traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Stocks Top Movers
NATGAS 2.9550.029 0.99%
SPX 2,841.7619.83 0.70%
NDX 7,449.8648.69 0.66%
INDU 25,326.05138.35 0.55%
ASX 6,329.0029.40 0.47%
CAC 5,403.41-8.91 -0.16%
TBOND 143.875-0.344 -0.24%
GBPUSD 1.2722-0.0043 -0.34%
FTSE 7,611.64-30.86 -0.40%
EURUSD 1.1344-0.0065 -0.57%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV96.14 -0.64
-0.66%
ACN 10 day candlestick chart for ACN161.24 1.01
0.63%
ADBE 10 day candlestick chart for ADBE256.05 2.51
0.99%
AAP 10 day candlestick chart for AAP154.80 9.96
6.88%
AES 10 day candlestick chart for AES13.52 0.14
1.05%
AET 10 day candlestick chart for AET197.11 2.40
1.23%
AFL 10 day candlestick chart for AFL46.51 0.21
0.45%
AMG 10 day candlestick chart for AMG147.35 0.95
0.65%
A 10 day candlestick chart for A66.99 1.05
1.59%
ABT 10 day candlestick chart for ABT63.74 0.31
0.49%