TECHNICAL ANALYSIS

HSBC may trend higher after breaking above the immediate resistance of HK$61.60 yesterday. Considering that the stock has pulled further away from all the EMAs, coupled with the convergence of the 20-day and 50-day EMAs, which are likely to turn up in the near term, a positive outlook can be expected. We anticipate that the rising momentum will steer the stock higher and test the next level of resistance in the near term.

Fundamentals

Net profit is expected to remain stable for the next 3 years with strong net margins higher than 32%.

Source: Rakuten Research - 27 Mar 2024

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