Trading Idea - Entry Levels for HSBC

Published on Wednesday, 18 August 2010 05:16 Written by Christian Paolinetti

New York, August 18th (TradersHuddle.com) - Shares of HSBC Holdings plc (NYSE:HBC) are trading very close to calculated support at $50.64 with current price action closing at just $51.75 places the stock price near levels where traders will start paying attention.

HSBC Holdings plc (NYSE:HBC), through its subsidiaries, 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.

HSBC's current stock range is defined by current calculated support defined at $50.64 and by the resistance level at $54.08, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to HSBC's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $54.08 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.