Technical Analysis Snap: HSBC results push shares through resistance

3rd Aug 2009 10:19

HSBC reported first half profits on Monday morning, after including movements in fair value on debt related to CDS spreads, of $5bn, down 51% on the same period last year. Along with an improved Tier 1 ratio of 10.1%, this news has seen the share price leap through the 61.8% retracement level of 608p identified on the 24th July. As long as the share price can sustain these gains today, then a test of the November highs at 689p over the course of the next few days is very much on the cards. The share price has continued to find support at progressively higher levels with support now at 585p, the May highs, and below that at 560p. For periodic TA updates follow me on TwitterAlso read my Investors Guide to Technical Analysis and Level 2