Monday, 29 September 2014

FTSE stock pick of the day


Hsbc Holding Plc

Stock pick of the day

RECOMMENDATION Sell
TARGET 600
The major trend of Hsbc Holding Plc is Bullish and from last few trading session it's showing selling pressure .One can initiates the position in the stock with the strategy of selling at higher level.Stock has facing major support level of 642 breacing of it can test the level of 600 with the stop loss of 655
CHART FORMATION:-
Stock has forming rounding top which is reversal pattern breaching of the support level it can test the level of 600.
It's managing to trade below 50 DMA and facing support of 200 DMA breaching of 200 DMA can further show down side movement.

INDICATORS:-
RSI is trading below the level of 50 and looking further bearish.
MACD & Signal line is manages to sustain below zero level line with negative bias.