Any weakness in HSBC shares would make it a “technical buy”, says analyst

Any weakness in the share price of banking giant HSBC (LON:HSBA) should be seen as a buying opportunity, according to the King of Charts Zak Mir.

As part of the latest episode of the TIP TV Proactive Investors Bulletin Board series, Mir also tells investors that the stock is on track to continue its post-Brexit rally and add another 40p or so to its share price before Christmas.

“It’s been in strong recovery mode since July,” the technical analyst explains.

“We had a break through the 200-day then at around £4.70 and the shares have been in a rising trend channel ever since then, remaining totally above the 50-day moving average at 607p.

“The target here over the next month or so is as high as 680p which is the top of the 2016 channel. Any dips towards the 20-day moving average of 622p are regarded as a technical buy opportunity.”

Quick facts: HSBC

Price: 604.7 GBX

Market: LSE
Market Cap: £122.51 billion

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