Standard Chartered breaks important supply zones as buyers emerge

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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.

 

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