Standard chartered HTF. Bulls are back in town.

17 мар. 2022 г.

Afternoon chaps and chapettes, we are looking at STAN forming a multi-year descending wedge, if we break out we should see some nice upside.
RSI has worked its way out of resistance from circa 2007.
Will go into more detail zoomed into the daily.

UK banks have the lowest exposure to Russia comparable to the rest of Europe, Standard chartered has no direct meaningful exposure which is of course very positive.
Most of Standard Chartered exposure comes from Asia which means interest rate hikes will be lesser impactful on income due to Asia generally cutting rates.
Targeting 8-10% growth up from 5-7%.
750mln buy back program initiated at the last earnings report.

17 мар. 2022 г.

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Inverted shows nicely the series of lower highs in ascending wedge.

17 мар. 2022 г.

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Zoomed in to the daily RSI is rejecting bullish territory above 50 but nowhere near oversold conditions so feels a little bit like no mans land presently.
Bearish spinning top at the .5 of parallel channel suggests trend reversal
Support currently at the 200MA (471) / .236 of fib channel.

17 мар. 2022 г.

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Daily Renko chart beginning to build bullish divergence.

19 июн. 2022 г.

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2W timeframe shows a break of multi year bullish wedge.
Areas of support come around the exterior of the wedge, 10 SMA and dynamic support highlighted with the yellow boxes @£530-£540 and @£425-£450.
If they are flipped to support £717 comes into play

19 июн. 2022 г.

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Daily chart shows that things are looking a little bit topped out.
Saw a fake out of ascending channel.
Lost 10SMA.
RSI struggling with holding above 50.
Chaikin osc trading in bearish territory.
AO potentially could be setting up a buy the dip scenario however is looking exhausted to the upside therefore if we get a bearish cross, short will be the play to mid channel (low 500's) or ideally the channel lows (mid 400's). This ties in nicely with the scenario in the 2W timeframe.