Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section HSBC HOLDINGS PLC, listed on the Hong Kong Stock Exchange.
HSBC HOLDINGS PLC (0005.HK [1])
HSBC Holdings plc (HSBC) is the banking and financial services company. The Company manages its products and services through four businesses: Retail Banking and Wealth Management (RBWM), Commercial Banking (CMB), Global Banking and Markets (GB&M), and Global Private Banking (GPB). The stock is listed on the Hong Kong Stock Exchange. Price chart formed a 4 month-long rectangle with the horizontal boundary acting as strong resistance at 68 levels. A daily close above 69 levels will confirm the breakout from the 4 month-long rectangle with the possible chart pattern price target of 73 levels. Breakout can establish a new uptrend above the long-term average. (Data as of 9:00 AM CET, 30 April 2019)
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