Sunday, 7 February 2010
HSBC
The counter-trend rally failed at the 38% retracement level and the decline has resumed.We have taken out the last 2 swing lows now,giving a swing chart sell signal and have a first lower high,Gann's "safest place to sell").In conjunction with the triple top this is a pretty negative chart suggesting a fast decline,perhaps into a March low.
The weekly chart shows a probable head and shoulders pattern with a bearish weekly engulfing candlestick at the neckline.
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