STOCKWATCH: absorb HSBC for mid-term

HSBC Holdings (0005) churned in narrow range around the level of HK$87 for nearly two weeks. Technically speaking, it intended to construct bottom consolidation and end the decline in the short term. However, the rebounding stamina is rather limited considering the weak market and quiet trading as well as the choppy performance of financial stocks. The downward space is small in the late trading. Suggested to absorb around the level of HK$86 for mid-term. Near-term resistance stance set at HK$90. Stop loss at HK$85.

Related stock : (5)