HSBC is in the midst of scaling higher after breaking past the HKD61.25 resistance with a fresh bullish candlestick.
RHB Retail Research said today (Sept 25) the stock has been observed climbing above the 21-day SMA line and charting a series of “higher highs” with “higher lows”, showing that a strong bullish momentum is underway.
Riding on this momentum, the counter will test the next resistance at HKD63, followed by the HKD65 level. On the downside, breaching below the HKD59 support negates the bullish setup.
JD.com is poised to extend the counter-trend rebound, testing the immediate resistance on high volumes.
The stock rebounded from the HKD116 support and charted a bullish candlestick, showing that strong buying pressure has merged near the support. If the counter manages to break past the HKD123 resistance, a bullish bias will be confirmed.
In this case, the momentum will lift the stock towards the next resistance at HKD130, followed by the HKD137 level. Conversely, falling below the HKD116 support will nullify the positive expectation and resume the correction phase.