Interactive Investor Today1 Jul 2016 12:39
standard chartered bank better than retail share price hope technical analysis
Standard Chartered (STAN) is in quite a different position from the clown banks (aka the retail banks) as the share price has already bettered its immediate downtrend and looks to be in a position where decent market conditions can promote some upward movements.
Unlike the retails, STAN did not experience a thorough kicking following the referendum, and that it's already trading above the ruling downtrend gives some hope.
We've painted a "glass ceiling" on this at 585p and the reasons are pretty obvious. Since November last, the market has seen fit to restrain growth above this level and now, should the share actually close above 585p, we're calculating growth to 689p initially with secondary a more useful 800p.
If it has all been a dream, the share price would require to slump below the red line on the chart, at 500p currently, to signal coming weakness to 394p or less.