HSBC Is Close to Resistance
Published on Monday, 11 February 2013 07:52 Written by TradersHuddle Wire
New York, February 11th (TradersHuddle.com) - Shares of HSBC Holdings plc (NYSE:HBC) are trading very close to calculated resistance at $57.37. The stock ended the trading session at just $56.76, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $47.21 and by the resistance level at $57.37; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for HSBC. However, as the stock pulls back towards $47.21 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $57.37 then traders will get an opportunity to enter the stock as it moves to a higher range.
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