HSBC Melts Higher as it Absorbs SVB
HSBC pulled back along with other financials in March. It played a role in the crisis by absorbing Silicon Valley Bank’s British operations, and now the global bank could be drifting to new highs.
The first pattern on today’s chart is the rally between November and February. HSBC retraced almost exactly half that move the subsequent month before bouncing.
Next is the series of higher lows since mid-March. Prices peaked around $38.59 a few times during that consolidation, which produced an ascending triangle. That’s a potentially bullish continuation pattern.
Interestingly, HSBC escaped the top of the triangle last week.
The longer-term trend may have grown more bullish after the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA earlier in the year.
Now the shorter-term could be following a similar trajectory. Notice how the shares broke above the 50-day SMA in early May. The 8-day exponential moving average (EMA) has also remained steadily above the 21-day EMA.
Finally, MACD is just now turning positive again.
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the rally between November and February. HSBC retraced almost exactly half that move the subsequent month before bouncing.
Next is the series of higher lows since mid-March. Prices peaked around $38.59 a few times during that consolidation, which produced an ascending triangle. That’s a potentially bullish continuation pattern.
Interestingly, HSBC escaped the top of the triangle last week.
The longer-term trend may have grown more bullish after the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA earlier in the year.
Now the shorter-term could be following a similar trajectory. Notice how the shares broke above the 50-day SMA in early May. The 8-day exponential moving average (EMA) has also remained steadily above the 21-day EMA.
Finally, MACD is just now turning positive again.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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