• Standard Chartered reversed from resistance zone
• Likely to fall to support level 5.510
Standard Chartered earlier reversed down from the resistance zone lying between the multi-month resistance level 5.8 (which stopped the sharp uptrend in February) and the upper daily Bollinger Band.
The downward reversal from this resistance zone stopped the earlier impulse wave 3 of the impulse wave (3) from March.
Given the overbought daily Stochastic – Standard Chartered bank can be expected to fall further toward the next support level 5.510.
Source: Fxpro
