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HSBC: The Downward Trend Continues

Published 07/06/2014, 12:26 AM
Updated 02/02/2022, 05:40 AM

HSBC Holdings Plc (NYSE:HSBC) has bounced from its minor support (mentioned below) on a daily time frame. The support zone was consisting of two levels which we call in technical terms level on top of level. In this scenario, it may be always the best option to execute small portion of trade on the first level and then trigger the reaming position at the next level. This is also called position sizing which helps in targeting the best price.

The price is trading in a downward trend but most recently we have also formed a rectangular pattern. As long as the price is trading below the downward trend line, it will confirm that the bias stays towards the downside.

HSBC
Importance Zones

Support Zone

599-588 Minor

545-533 Major

Resistance Zone

720-713 Minor

684- 675 Major

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam

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