HSBC: The Downward Trend Continues
AvaTrade | Jul 06, 2014 12:26AM ET
HSBC Holdings Plc (NYSE:HSBC) has bounced from its minor support (mentioned below) on a daily time frame. The support zone was consisting of two levels which we call in technical terms level on top of level. In this scenario, it may be always the best option to execute small portion of trade on the first level and then trigger the reaming position at the next level. This is also called position sizing which helps in targeting the best price.
The price is trading in a downward trend but most recently we have also formed a rectangular pattern. As long as the price is trading below the downward trend line, it will confirm that the bias stays towards the downside.
Importance Zones
Support Zone
599-588 Minor
545-533 Major
Resistance Zone
720-713 Minor
684- 675 Major
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam
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