Standard Chartered Bank shares (LSE:STAN) have the possibility
of going upwards this year. The market was under pressure last year,
consolidating towards the end of that year and in the beginning of this year.
Now, the market has broken upwards as it is ready to
journey northward. The price is above the EMA 21 and the RSI period 14 is
gallivanting around the overbought territory. Clearly it is not advisable to go
short in this market, for this may be the beginning of a long-term bullish
movement. The price may end up reaching the resistance levels at 1300 and 1500 this
year.
However, some speculators may be reluctant to take
advantage of this idea. As Jeff Bezos puts it, ideas are easy. It is execution
that is hard.
This forecast is ended by the quote below:
“The
hard part about trend-following, and success in general, I believe, is not
creating a system but following the obvious one that works.” – Mike Melissinos
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Learn from the Generals of the Markets: Market Generals
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