Above is the daily chart of HSBC (0005.HK). Here is a good news for it. The 10-day SMA has just crossed the 20-day SMA from above, which is a bullish signal. Probably there would be around few money dollars rise before dropping.
Volume is shrinking, which is a bad sign for HSBC. But it is somehow related to the unpredicable stock market recently, and investors are more worried. So on average the volume in the stock markets slump.
MACD is rising, which could possibly be a good singal. But as it approaches zero, it is possible for it to reverse its direction.
Back to the candlestick chart. There are two major trend-lines. The red one is the up-trend line and the green one is the down-trend line. The two lines just crossed each other and the price of HSBC is currently trying to break into the area between. This would be a resistance zone, which is quite a large one.
However, given the bullish MA cross and boosting MACD, I would expect a slight breakthrough into the area, and perhaps a bit false breakout. Then it will probably fall and head towards 72 estimated by the fibonacci projection. This might also be the trend of HSI.
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