HSBC Breaking Out?

Published on Monday, 06 February 2012 08:24 Written by TradersHuddle Staff

New York, February 6th (TradersHuddle.com) - Shares of HSBC Holdings plc (NYSE:HBC) closed the trading session at $44.34 just above calculated resistance at $42.83 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

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 $42.83, given that this range was broken traders will be closely monitoring the stock