HSBC Holdings plc : Bearish momentum
Published march 26, 2015 at 03:46 pm ist
By
| Entry price | Target | Stop-loss | Potential |
|---|
|
GBX 580.2 |
GBX 0 |
GBX 596 |
+100% |
|---|
In a bearish trend, HSBC Holdings is likely to decline again after its slight rebound.
The British bank is fragile. The net income in the last semester report came out 42% lower than Thomson Reuters estimates. Moreover, forecasts downgraded by analysts regarding earnings per share reflect their pessimism.
Technically, the share is in a downward trend. Moving averages are decreasing and are still above prices, thereby stopping bullish fluctuations. The stock rebounded recently but is now close to a significant resistance area, that should push down the security toward the GBp 559.9 support.
Therefore, short positions can be opened on the share in order to aim GBp 559.9. A stop loss will protect the position above GBp 586.1.
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