HSBA.L ends the day on a bearish note closing near the low of the day


HSBC (HSBA.L) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
HSBA.L closes below its opening price unable to hold early session gains
HSBA.L ends the day on a bearish note closing near the low of the day
HSBA.L closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

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.

Daily chart for HSBA.L
Volatility

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.

Support/Resistance

Prices are trading close to a key support level at 706.90.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the close-by swing low at 697.90 where further sell stops could get triggered.

Conclusion

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
ConditionForecastDirectionWinAvgWorstBestEvents
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
More market conditions identified for TQ Pro members...
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Latest Report:

HSBA.L breaks key support level

Jul 16, 2018
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