HSBC (HSBA LN) earnings Monday

The banking sector has been hit by Trumps latest resurgence in the polls, but the UK banks received a slight boost after a UK court ruled that MP's will have a say on when and how article 50 will be invoked, increasing hopes of a soft Brexit.

The weekly chart has printed a bearish candle signal but on the daily chart prices look overstretched. on the D1 chart the RSI indicator is making lower lows while price is making higher lows (Divergence). Currently is right in the middle of value which indicates if earnings come out of line we could see a move into a new distribution.

The weekly downtrendline has been broken but since price has moved back in but on lower volume . On the lower timeframes we are in a uptrend, but the recent retracement looks strong but overdone.

R3 660.00
R2 Weekly downtrend line
R1 Daily downtrend line
Current 592.80
S1 590.20
S2 558.00
S3 541.86
S4 489.52
Kind regards

Rajan Dhall MSTA

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