HSBC Holdings PLC (LSE) - Weekly

HSBC slowly continuing its gradual uptrend even though the interest rates weaken the pound.

From a technical aspect the share is trading at £5.21 with minor support sitting at £5.14, matching with the bottom trendline of the ascending triangle is. Further support sits at £4.97, a break below this level could see the share lose its earned gains from the recent quarters. Looking at the upside, first line of resistance sits at £5.41 with further resistance level at £5.57. A break above this resistance, with the potential help of better results from BoE, could see the stock stride towards the high £5.00’s. MACD is slightly negative on par with neutral and RSI reads 51, suggesting a neutral stance.