Hong Kong’s market continues to show pockets of resilience, with several large-cap leaders holding firm despite being at different stages of their respective trends. Rather than seeing broad-based momentum across the board, the current setups highlight the importance of watching how individual stocks behave around key support and resistance levels.

In this HK SDR update, we take a closer look at China Mobile, HSBC and Bank of China. China Mobile has recovered from its recent pullback and is gradually approaching the HK$83 resistance level, while HSBC continues to consolidate above the important HK$160 support after a strong run. Bank of China, meanwhile, remains one of the stronger setups, with its recent 1GT Bullish signal supporting the move above HK$5.80. With all three stocks now trading near important technical levels, the next breakout could provide further clues on whether their broader uptrends have more room to run.

China Mobile Limited (0941.HK) is one of China’s largest telecommunications operators, providing mobile, broadband, cloud computing and digital services to consumers and businesses across the country. Its large subscriber base and expanding digital infrastructure businesses make it one of the key players in China’s telecommunications sector.

From a technical perspective, China Mobile has recovered strongly from the July lows near HK$72.00 (S$2.30) and is showing signs of rebuilding its bullish structure. 

Price is now trading above both the 100-day (red line) and 200-day (blue line) moving averages, while the 20-day (green line) has turned down following the recent rebound, suggesting that short-term momentum has slowed down after the recent momentum.

A recent 1GT Bullish signal emerged during the recovery from the July lows, with price subsequently breaking above the HK$78.00 (S$2.50) level. 

Price holding above this level would be important in confirming that buyers remain in control and that the recent recovery can extend further.

Price is gradually approaching the HK$83.00 (S$2.66) resistance level. 

This is an important resistance zone that previously capped the stock's advance, back in November 2025. 

A firm breakout above HK$83.00 (S$2.66) could signal a continuation of the recovery and potentially pave the way towards HK$88.00 (S$2.82), which could be the next major upside target.

A failure to hold above the immediate support of HK$78.00 (S$2.50) could see the stock consolidate further, with the next stronger support around HK$72.00 (S$2.30). 

For now, the improving moving-average structure and recent 1GT Bullish signal keep the technical outlook constructive.

💡 So how does one take a position in China Mobile from the HK SDR traded on the SGX?

You can take a position via the China Mobile HK SDR 1to1 (Ticker: HCMD), which trades on the SGX with a 5 SDR to 1 underlying share ratio. 

Using the 0.16 HKD-to-SGD exchange rate, the SDR is currently priced around S$2.50 - S$2.70, reflecting the underlying chart structure.

More conservative traders could look for opportunities on pullbacks towards the HK$78.00 (S$2.50) support zone, provided the level continues to hold. 

More aggressive traders may prefer to wait and enter after a breakout above HK$83.00 (S$2.66), with HK$88.00 (S$2.82) as the next upside target.

Bank of China Limited (3988.HK) is one of China’s largest state-owned commercial banks, providing retail and corporate banking, wealth management, treasury and other financial services. With an extensive presence both within China and internationally, the bank remains one of the key financial institutions within the Chinese banking sector.

From a technical perspective, Bank of China continues to display a strong and constructive uptrend. 

Price remains above the rising 20-day (green line), 100-day (red line) and 200-day (blue line) moving averages, keeping both short- and longer-term momentum firmly aligned with the broader uptrend.

The series of recent 1GT Bullish signals has continued to support the advance, with the stock first breaking above HK$5.40 (S$0.86) before pushing higher. 

More importantly, Bank of China has now broken above the HK$5.80 (S$0.93) resistance.

This breakout marks another positive development in the stock's technical structure.

Attention now shifts towards the next immediate resistance at HK$6.00 (S$0.96), followed by HK$6.20 (S$0.99) if it can extend its upward momentum.

A firm hold above HK$5.80 (S$0.93) could reinforce the bullish momentum and potentially open the door for another leg higher.

For now, the rising moving averages, fresh 1GT Bullish signal, and recent breakout continue to favour the upside.

💡 So how does one take a position in Bank of China from the HK SDR traded on the SGX?

You can take a position via the Bank of China HK SDR 1to1 (Ticker: HBND), which trades on the SGX with a 1 SDR to 1 underlying share ratio. 

Using the 0.16 HKD-to-SGD exchange rate, the SDR is currently priced around S$0.92 - S$0.95, reflecting the underlying chart structure.

Traders could look for price to hold above HK$5.80 (S$0.93), with HK$6.00 (S$0.96) as the immediate upside target followed by HK$6.20 (S$0.99), while HK$5.40 (S$0.86) remains the key support to watch. 

HSBC Holdings PLC (5.HK) is one of the world’s largest banking and financial services groups, with a particularly strong presence across Asia. Its businesses span wealth and personal banking, commercial banking and global banking and markets, giving investors exposure to both Asian economic activity and the broader financial sector.

From a technical perspective, HSBC remains firmly within its broader uptrend despite the recent pause in momentum. 

Price continues to trade comfortably above the rising 100-day (red line) and 200-day (blue line) moving averages, keeping the longer-term technical structure positive. 

Meanwhile, the 20-day (green line) has started to show weakness as price consolidates around the HK$160 (S$5.12) region, suggesting that short-term momentum has moderated following the strong rally since June.

The earlier 1GT Bullish signal in June marked the start of another strong leg higher, with the stock subsequently breaking above HK$150 (S$4.80) and rallying towards the HK$170 (S$5.44) region. 

Since reaching the recent high, some profit-taking has emerged, but importantly, price has continued to hold around the HK$160 (S$5.12) support level.

The current consolidation around HK$160 (S$5.12) therefore becomes an important area to monitor. 

If buyers continue to defend this level and momentum picks up again, HSBC could make another attempt towards HK$170 (S$5.44). 

A firm breakout above HK$170 (S$5.44) could then open the way towards the next upside target at HK$180 (S$5.76).

The broader technical structure continues to favour the upside as long as these key support levels hold.

💡 So how does one take a position in HSBC from the HK SDR traded on the SGX?

You can take a position via the HSBC HK SDR 5to1 (Ticker: HSHD), which trades on the SGX with a 5 SDR to 1 underlying share ratio. 

Using the 0.16 HKD-to-SGD exchange rate, the SDR is currently priced around S$5.10 - S$5.20, reflecting the underlying chart structure.

Conservative traders could monitor whether HK$160 (S$5.12) continues to hold before considering an entry.

Aggressive traders may prefer to wait for a firm breakout above HK$170 (S$5.44) to confirm the next leg higher towards HK$180 (S$5.76). 

A break below HK$160 (S$5.12) would warrant greater caution, with HK$150 (S$4.80) becoming the next important support to watch. 

 About the Author - Joey Choy

Joey is Singapore’s renowned mentor on how to make an income by trading the stock market, an author and one of the most-watched, quoted and followed stock trading trainers in Singapore. Over the years, he has conducted numerous full house seminars, enriching thousands to trade more profitably. 

Joey’s come back story from a S$740k debt has been featured in the Business Times and inspired thousands in Singapore. In less than 3 years, he is highly regarded as one of the Top Tier Remisiers (Stock Brokers) and Traders, bagging numerous yearly awards like Top Trading Representative and Top CFD Achiever every year from 2014 to 2023 in Phillip Securities.

More about Joey here

Hope you have found the above content useful 😃 

If you are keen to find out more on how to be a VIP Client of mine to receive daily market updates and exclusive actionable stock ideas, you can check it out here!

Look forward to see you on the inside!

- Joey

Disclaimer and Warning
This publication is provided by Trading Impossible Pte Ltd for general information and educational purposes only. Trading Impossible Pte Ltd is NOT licensed or regulated for the provision of investment or financial advice, and we do not seek to do so.
This content has been produced by Trading Impossible Pte Ltd. Singapore Exchange Limited (“SGX”) and/or its affiliates (collectively with SGX, the “SGX Group Companies”) have not had any input into this publication and/or the content, and SGX shall not be responsible or liable for the same. This document/material is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document/material has been published for general circulation only. It does not address the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of any investment product before investing or adopting any investment strategies. Use of and/or reliance on this document/material is entirely at the reader’s own risk. Trading Impossible Pte Ltd shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast, or any other information contained here. Investment products are subject to significant investment risks, including the possible loss of the principal amount invested. Past performance of investment products is not indicative of their future performance. Any forecast, prediction or projection in this document/material is not necessarily indicative of the future or likely performance of the product. Examples (if any) provided are for illustrative purposes only. This document/material is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject the SGX Group Companies to any registration or licensing requirement. While each of the SGX Group Companies have taken reasonable care to ensure the accuracy and completeness of the information provided, each of the SGX Group Companies disclaims any and all guarantees, representations and warranties, expressed or implied, in relation to this document/material and shall not be responsible or liable (whether under contract, tort (including negligence) or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind, including without limitation loss of profit, loss of reputation and loss of opportunity) suffered or incurred by any person due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information, or arising from and/or in connection with this document/material. The information in this document/material may have been obtained via third party sources and which have not been independently verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the content of information provided by third parties (if any). The SGX Group Companies may deal in investment products in the usual course of their business, and may be on the opposite side of any trades. Each of SGX, Singapore Exchange Securities Trading Limited and Singapore Exchange Bond Trading Pte. Ltd. is an exempt financial adviser under the Financial Advisers Act (Cap. 110) of Singapore. The information in this document/material is subject to change without notice. This document/material shall not be reproduced, republished, uploaded, linked, posted, transmitted, adapted, copied, translated, modified, edited or otherwise displayed or distributed in any manner without SGX’s prior written consent. Please note that the general disclaimers and jurisdiction specific disclaimers found on SGX’s website at http://www.sgx.com/terms-use are also incorporated into and applicable to this document/material.