HSBC Broke Resistance

Published on Friday, 20 January 2012 08:32 Written by Christian Paolinetti

New York, January 20th (TradersHuddle.com) - Shares of HSBC Holdings plc (NYSE:HBC) closed the trading session at $41.37 just above calculated resistance at $39.52 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

HSBC Holdings plc (NYSE:HBC) is the holding company for the HSBC Group. The Financial firm provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group is headquartered in London and operates worldwide. The firm is the largest lender in Europe and one of the largest banking institutions worldwide, with the most emerging markets exposure.

HSBC's stock was trading in a well defined range with support at $36.67 and resistance at $39.52, given that this range was broken traders will be closely monitoring the stock