SCBFF trade ideas
Standard Chartered – Bullish break lacks supp of strong volumes
Standard Chartered shares are flirting with inverse head and shoulder neckline and appear poised to close the day higher.
That would be confirm a bullish break and present a technical target of 831. However, as of now, that appears a big task given the banking concerns in Europe. Nevertheless, a bullish break on day end closing basis would open doors for 659.50 (Sep 15, 2015 low).
But bulls need to observe caution as we have a negative volume divergence i.e. volumes are sliding, hence the breakout could turn into a ‘fakeout’.
UK STANDARD CHARTERED SHORTAgain UK share to take good opportunity on short trade. Price do big move down on W1 chart, then correction and now possible secound move down. Furthermore price pullback from W1 and H4 resistance. Signal to open trade from H4 chart.
STANDARD CHARTERED PLC PREDICTIONRECOMMENDATION SELL
SUPPORT level of 1057
TARGET 1047
STOP LOSS 1067
CHART FORMATION:-
Stock is trading in a range and line will lead to downside movement. Stock is trading near the 50 DMA with negative bias.
INDICATORS:-
RSI is trading near to 49.60 level with negative bias, in upcoming session downside movement is expected.
MACD and Signal line is sustaining below the zero level line.
