CarolP111

shorter term trade and possible longer term direction of stock

LSE:HSBA   HSBC HOLDINGS PLC ORD $0.50 (UK REG)
Shorter term, the black horizontal lines represent support and resistance . The strategy I would suggest is to wait to see if it rebounds off of the top black resistance line then drops to the below support line and trade if it continues to rise off of it.

Longer term the scallops drawn in green on the chart seem to suggest a newer downwards curve and its valleys also suggest a decreasing curve, therefore longer term I would predict the price is heading downwards. Although the current congestion may suggest a change in trend which may oppose relevance of the scallops.

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