Currently HSBC is facing a long standing resistance level at 766, this is acted as pivot back in 2008 and 2009 and as resistance in 2013.
Price action is faced with a conundrum, try and break from where it is, already relatively overextended and less oppurtunistic for new entries OR correct (retrace) over the next couple of days or weeks to get some momentum from the attach zone at 711 to 720.
Trenline confluence and near term support may give buyers the advantage and the speed it needs to move through 766 to the next level at 788'ish.
Lots over big levels to contend with on it way higher, up is good so expect some volatility if the break occurs.
Price action is faced with a conundrum, try and break from where it is, already relatively overextended and less oppurtunistic for new entries OR correct (retrace) over the next couple of days or weeks to get some momentum from the attach zone at 711 to 720.
Trenline confluence and near term support may give buyers the advantage and the speed it needs to move through 766 to the next level at 788'ish.
Lots over big levels to contend with on it way higher, up is good so expect some volatility if the break occurs.