TECHNICAL ANALYSIS

HSBC may trend higher after it broke out from the pennant pattern a few sessions ago. The stock bounced off the 20-day EMA coupled with rising EMAs, indicating that the near-term bullish trend may persists. We expect the rising momentum to steer the stock higher and test the next level of resistance in the near term.

Fundamentals

Net profit is expected to remain stable the next 3 years with strong net margins higher than 33%.

Source: Rakuten Research - 4 Jun 2024

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