HSBC Tumbles, Following Weak Revenue in Q1/2016
On Tuesday, HSBC Holdings Plc released its pretax profit for the first quarter in 2016, with profits coming in at $6.1 billion. The bank’s profit was down 14% from a year earlier. This was better than the forecast for a decline of 40%. On the hourly chart, the price is under pressure from the parabolics above, and continuing the downtrend. However, the stochastics chart indicates that the stock has dived into the oversold territory, and a reversal into an uptrend is awaited.
Buy at 4.572, Stop loss at 4.552, Take profit at 4.606