HSBC Holdings – Sell

PUBLISHED: 18 Mar 2014 @ 08:28 | Comments (0) | More info about Azeez Mustapha

HSBC (LSE:HSBA) is a bear market and it would continue going downwards for as long as the selling pressure continues, even when speculators think market would reverse. The quondam bias testifies to this. Past rallies have been punctuated by sharp drops in the price. Every bias requires those who think it would end quickly, so that it can really continue.

The EMAs 10, 20, 50 and 200 are sloping downwards, thus supporting the downtrend (the color that stands for each EMA is showcased on the top left side of the chart). Although there would be bullish attempts along the way, the price may reach the support levels at 500.0 and 450.00 respectively.

Conclusion: The most crucial thing is that HSBC is plummeting, irrespective of the price levels. Many traders have backstabbed themselves by trying to go long in a downtrend.

This forecast is ended with the quote below:

“The only way for a novice trader to make it as a trader is to make a lot of mistakes, many mistakes more than once, until they figure it out and say, “Okay, this is the way I’m going to trade.” And it may not be the way other traders do it. You live and die with your own way. That is what every professional trader does.” – Peter Brandt

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