Price is above the 200 dma ,which is declining.It is possible this is a 90 day (Gann) countertrend reaction and that we break back below the 200 dma soon.Remember,HSBC is a "good" bank,so if we get negative signals here the rest of the sector will likely fare worse
Ha, a 'good bank', yeah, that one did make me laugh.
ReplyDeleteCertainly looks toppy, I can't imagine the sort of maniac who will wanna be buying at this level.
*I'm still amazed how smashed up the Euro-bank stocks already are, so many never really recovered. If there is a major down wave, a few might even be less than 10 cents eventually.
Good wishes.
Nice gap down today !
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