LindellBrown
Long

HSBC Pushing Upwards...

NYSE:HSBC   HSBC HOLDINGS PLC
HSBC is the best bank stock to buy and hold right now. Note the hold element in that statement. Take security in the support level mapped out @ 20.50. This is very likely to hold, but we could be in for some consolidation here. It's very likely that HSBC will hit the target in the 'entry price'. From there, we have two scenarios.

One is that it lifts off from that target due to the local support within the range charted. If this happens, then we can expect HSB to hit our target with very little effort.

The second scenario is that it consolidates and goes slightly below our entry, before potentially falling through/holding that level and sitting tight for a week or two. We need sufficient volume in this situation and we should be looking to get a safe entry at all costs. Whilst the volatility is residing, we can take a technical outlook and chart onwards from there. For now, however, I think the idea presented works perfectly in conjunction with what the chart says to us here. I would expect this target to be hit by the 1st June at the latest, but as early as next Tuesday.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out