The HSBC share price was the best performing stock in Hong Kong, rising by more than 1%. The stock was little changed in London as investors wait for key European banking results scheduled for later this week. HSBC shares are exchanging hands at 401p in London, up by about 3% from the lowest level last week.
HSBC news. HSBC has been relatively active recently as the management shifts its focus from key Western countries to the Asian market. The company recently exited its troubled American and French retail operations. It also shifted some of its senior executives from London to Hong Kong. The bank’s new focus is to expand its Asian business, where it is seeing robust growth.
The HSBC share price will be in focus this week ahead of its earnings that are scheduled for Monday next week. Most analysts expect that the firm did well in the second quarter. Furthermore, most banks that have published their earnings like Goldman Sachs, UBS, and Morgan Stanley did well. Before then, investors will digest earnings from key European banks like Lloyds, NatWest, Credit Suisse, BNP Paribas, Societe Generale, and BBVA.
HSBC share price forecast
The daily chart shows that the HSBC stock price crashed below the support at 412p, which was the lowest level in May. The stock then declined to 389p, which was the lowest level in February. It was also along the 38.2% Fibonacci retracement level. It remains below the 25-day and 50-day moving averages.
Therefore, the share price appears to be forming a break and retest pattern, meaning that it will likely resume the bearish trend after its upcoming earnings. However, a move above 420p will invalidate the bearish view.
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HSBC stock chart
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