Standard Chartered report during market tomorrow

Tuesday, 25th April 2017 12:11 - by Rajan Dhall

Standard Chartered report during market tomorrow and traders and analysts do not seem to be looking for anything ground breaking. I personally look forward to the companies that report during markets as it inspires some volatility.

Below I have analysed the long and short term charts so we can have a broader view for the companies share price. Overall the sector has been in decline in recent times as the low interest rate environment has taken its toll, but as we can see since the US elections the financial sector has recovered somewhat. I personally feel the company will continue to retrace overtime but in this event below I have added some broker comments.

Analysts at Investec noted. “We do not expect the Q1 statement to prove particularly transformational, rather, we expect a fifth successive quarter of modest revenue recovery.” 

Credit Suisse reiterated its ‘underperform’ rating on the group last week, and set a price target of 570p. Deutsche Bank are also bearish on the Co.'s shares indicating a 

From a technical perspective we are back in the financial crisis mean value range. Since 2013 the share price has been on a heavy down trend as the sector has had to adjust to the low interest rate environment. Since 2016 we have seen a retracement, with a technical trend break producing important higher lows and breaking previous waves. On the higher timeframes the key levels are the 600p and 800p range. The price action suggests we are rejecting lower values and looking for a higher mean. 

On the shorter term timeframe, we are underneath value, but price did open today with a strong gap up. Mean value stands at 750p with a range high of 800p and a range low of 650p. The key support and resistance levels surrounding the earnings are 650p to the downside support and 750p, 780p and 800p for upside resistance, also keep an eye on the trendlines marked on the chart.