Standard Chartered shares (LSE:STAN) have broken the previous supply zones at 460.00, 450.00 and 440.00 to the upside, and those supply zones are now demand zones.
The market ranged between March and May 2020, having trended downwards
prior to that. Price then broke upwards, trending above the upper Trendline and
closing above it. The RSI period 14 is already above the level 60, going into
the overbought territory.
Yes, the market looks overbought in the short-term, and that may lead to
a transitory pullback, which the uptrend will be resumed and more and more
supply zones will be broken as price aims for 480.00, 490.00 and 500.00. Price
will eventually go above these levels.
The outlook for STAN is bullish
for this year.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
Source: http://uk.advfn.com/newspaper/authors/azeez-mustapha
Buy and sell Perfect Money/Payeer/BTC/AdvCash; get funded quickly: www.ituglobalfx.com.ng
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