STAN.L breaks below previous session low
Standard Chartered (STAN.L) Technical Analysis Report for Jul 13, 2018
Moving lower for the 4th day in a row, STAN.L finished the week -3.36% lower at 671.00 after losing £4.00 (-0.59%) today. Today's closing price of 671.00 marks the lowest close since December 30, 2016. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 672.80, the share confirms its breakout through the previous session's low having traded £2.40 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £11.70 (1.72%), that's slightly below last trading month's daily average range of £12.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After having been unable to move above 682.60 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 682.10.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
2,017's low at 666.10 is within reach and we might see further downside momentum should Standard Chartered break out beyond.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.