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
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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