HSBC's Market Capitalization Soars to New Highs

HSBC's market capitalization surged on Tuesday, exceeding $300 billion and securing its position as the top-performing bank on the London Stock Exchange.

This increase follows a strong 3% rise in its share price on Tuesday, reaching new record highs.

It's worth noting that the bank has been the best performer since the beginning of the year, with gains exceeding 9%, making it the top performer so far on the FTSE 100 index.

The bank is expected to see a rise in profits, as positive news continues to emerge, coupled with strong share performance, which is projected to continue its upward trend in the long term.

Technical Outlook for the Stock

HSBC shares are trading near $85, having broken through the significant resistance level of $83, which propelled the stock upwards.

The outlook remains positive, with the stock expected to continue its upward trajectory towards $90 in the long term.

In the event of a correction and decline, we might see a move towards $79.20. A close below this level could lead to a test of $74.10, which is considered a key near-term buying opportunity. A retest of this level could trigger a rebound.

Overall, the outlook remains positive, and it is advisable to focus on long-term buying in the event of any corrections.