Europe's largest lender HSBC says pre-tax profits dropped 18% year over year and abandoned a profitability target as Hong Kong's protests and the U.S.-China trade war took their toll
Technicals are not looking good too.
55.76 - 55.15 range is the next price target.
38.2% & POSSIBLE 61.8% Retracement LONG GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
HSBC expected to rise up to 1st resistance at 38.99 where it could potentially react off and drop down to 1st support at 35.48.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Sell and Buy scenario from MN chart to H4 chart. The price is near the crises level, bullish divergence at the same time.
PS: It's just my vision. Make your own actions!
Have a great day!
Just throwing some lines on HSBC (HSBA) .
We have a broadening channel, higher highs and lower lows on a 20 year timeframe.
Currently in a downward trend on the monthly, just about holding historical support.
This would probably be a good place to exit if we are expecting a market downturn.
"These formations are relatively rare during normal market conditions...
One of the two largest financial players in HK, and most certainly a derivative trade of the larger macroeconomic story. Keep this chart handy near-term.
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.
HSBC is trading this month in congruence with the current global stock market pullback by offering a time-relative discount in share prices.
HSBC target $43 for a 5.4% difference from the current quote of $40.78. The S&P 500 is off 7.5% from doubly tested but not yet broken all time highs which renders this parallel HSBC trade idea as conservative and defensive....
