HSBC Surge Sends Relative Strength to Highest Since 1997: Chart

HSBC Holdings Plc is starting to reverse years of disappointing share price performance. While the stock fell to a seven-year low in the wake of the Brexit vote, it’s since surged almost 30 percent in Hong Kong, buoyed by a $2.5 billion buyback program. That’s sent a momentum indicator to levels last seen before Britain returned the city to China, and spurred Ayush Nagaraj, a chartered market technician and sales trader at Sanford C. Bernstein, to say shares may be due a temporary pullback.

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