Technical Pulse: Standard Chartered PLC April 30, 2021 105

 

Standard Chartered PLC (HKEX: 2888) technicals signal strong bullish upside after 4 months of consolidation:

 

  1. The medium term ascending triangle formation signals upside.
  2. The bullish Marobozu candle has broken out of the smaller bullish pennant formation and above the 50-day moving average, confirming the bullish sentiment.
  3. Multiple testing of the resistance zone suggests weakening selling pressure.
  4. The golden cross formation is still intact as prices are still above the 50 and 200-day moving average.

 

*Expected timeline of the trade is 8 weeks from the date of report issuance.

 

CHART LEGEND

 

Moving average

 

Red dotted line = 200 period Moving Average

Blue dotted line = 50 period Moving Average

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About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.

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