HSBA.L ends the day on a bearish note closing near the low of the day
HSBA.L ended the week 0.85% higher at 708.30 after losing £1.60 (-0.23%) today. Trading £3.50 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £8.00 (1.12%), that's slightly below last trading month's daily average range of £9.40. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 706.90.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 697.90 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for HSBC
|Close to Swing Low||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Price broke through Technical Support S1||TQ Pro Members Only|
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