Above is the daily chart of HSBC (0005.HK). Because of the continuing slump of Hang Seng Index, HSBC simply could not do anything but to follow the drop.
We can see that the red solid line has been resisting the stock price for over four months, and is expected to do so again when the price bounced to around 78.
The reason for the bounce is that in mid June there was a large gap down. I think its time for it to refill the gap, and it would probably reach 78.
75 looks like a strong ground now. So after reaching 78, it would fall again to 75 and consolidate. Whether it would break down or not depends on the whole market in general.
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