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HSBC is in buy area
Prices are approaching support where we could see a bounce above this level, Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.
HSBC is touching the upper band of BB! With bearish trendline, price is still faced with bearish pressure. A touch with the upper band with squeezed BB channel often predicts a sharper drop!
BY pulling back to its key graphical overlap support, HSBC is giving us a better buy entry as it is riding the upward trend!
HSBC Holdings, monthly timeframe: 24 years old(!) support level + Side of Bollinger Bands + Oversold
Market looks like it is near ready for bull run, consider stocking up, I call this buy.
Trade at your own risk..
Checkout previous chart from last year predicting bear move and targets;
HSBC reversed off its resistance at 42.01 where it could potentially drop further to 41.16.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
This chart is the London share, in GBP. One of the least exposed of the big banks to 2008 problems, although suffered badly on fines. Neverthless, there is plenty of upside.