Standard Chartered – Bullish break lacks supp of strong volumes

  • Standard Chartered shares are flirting with inverse head and shoulder neckline and appear poised to close the day higher.
  • That would be confirm a bullish break and present a technical target of 831. However, as of now, that appears a big task given the banking concerns in Europe. Nevertheless, a bullish break on day end closing basis would open doors for 659.50 (Sep 15, 2015 low).
  • But bulls need to observe caution as we have a negative volume divergence i.e. volumes are sliding, hence the breakout could turn into a ‘fakeout’.
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