HSBC Holdings PLC – Bears in control, but watch out for inverse

Daily Chart

Support – 431.10, 420.80, 413.92

Resistance – 447.20 ( 50-DMA             ), 462.90, 468 ( 100-DMA             )

  • Daily RSI , at 42.00, is pointing lower and indicates room for further fall in prices.
  • However, traders need to watch out for a possible rebound from anywhere between 430 to 420 levels. More so because hourly RSI is oversold, while 4-hr is fast approaching oversold territory.
  • Consequently, a rebound from range of 430-420 could end up in inverse head and shoulder formation with neckline at 476 levels.
  • If the above action unfolds over the next week or so, the neckline would coincide with falling trend line resistance as well.
  • On the other hand, a break below 420 could spell trouble for bulls and expose 400 levels.
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