The blue zone is the monthly Kijun and price was gravitating towards it for 3 months now and 3 happens to be the magic number. Remmber kijunis also the 50% Fib zone. So i am looking for a bearish May. I want price to hit and reject the blue zone (preferably on the daily) with good volume. That little doji that closed off the week says a lot,small little candle but...
I meant to publish this Friday, but got tied up with other things.
I was originally looking at this share as a long position early last week, it appeared in one of my stock filters for long positions.
Standard Chartered (STAN) is supposed to be the 3rd most shorted stock on the UK index by the big players (one being Steve Eisman from the "Big Short").
Failure at the rising trend line resistance coupled with the falling top formation on the daily chart suggests the share price is on track to test the 200-DMA support seen today at 687.31.
The 50-DMA has topped out as well and that adds credence to the bearish view.