Standard Chartered to reach new highs

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Standard Chartered shares (LSE:STAN) are supposed to reach new highs, given the current bullish effort that is being made in the market.

The ADX period 14 is around the level 20; which means a lack of momentum in the market. The DM+ and the DM- are intertwined, they would move apart from each other when momentum returns to the market (which would probably favor bulls).

The MACD default parameters, has its signal lines above the zero line, while its histogram is below the zero line. However, given the real price action in the chart, the market has a higher probability of moving upwards than moving downwards.

When the ADXI period 14 moves above the level 30, and the DM+ moves above the DM-; when MACD default parameters, has both its signal lines and histogram above the zero line, then there would be a Bullish Confirmation Pattern in the chart, meaning price may go further upwards.

Anything short of the conditions in the preceding paragraph would hinder a clean bullish signal to form. Should in case the indicators fully support the expected bullish breakout, STAN may reach the resistance lines at 750.00, 800.00 and 850.00.

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