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
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
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Break through SMA 50 TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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