HSBA.L unable to break through key resistance level
HSBC (HSBA.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (HSBA.L as at Jun 14, 2018):
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.
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.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the nearby swing high at 739.10 where further buy stops might get activated.