SCB trading in the range of Rs.1,798 - Rs.1,828 for more than a month

52 Weeks High :              Rs. 2,279

52 Weeks Low :               Rs. 1,290

Last Traded Price :          Rs. 1,795

Last Week Volume:                3,103

Candlesticks

A black body occurred because prices closed lower than they opened.

During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles.  During the past 50 bars, there have been 23 white candles and 22 black candles for a net of 1 white candles.

Bollinger Bands

On 7/4/2013, Scb closed above the lower band by 14.0%. 

Bollinger Bands are 79.59% narrower than normal.  The narrow width of the bands suggests low volatility as compared to SCB's normal range.  Therefore, the probability of volatility increasing with a sharp price move has increased for the near-term.  The bands have been in this narrow range for 20 period(s).  The probability of a significant price move increases the longer the bands remain in this narrow range.  

Relative Strength Index

The current value for the 14 period RSI is 45.45. The RSI has just reached its lowest value in the last 14 period.  This is bearish.

Support: Rs. 1,768, Rs.1,742, Rs.1,687, Rs.1,632

Resistance: Rs.1,823, Rs. 1,852, Rs. 1,907, Rs. 1,962

Recommendation

Price of Stantard Chartered  Bank Ltd has been trading in consolidation in the  range of  Rs. 1798 to Rs. 1,828 for 32 trading days. Break out of trading range would signal the trend.Current Market Price (CMP) is Rs. 1,795. Chart and Indicators  are indcating bearish, the price of Standard Chartered Bank would retest  1740 level  before it moves upwards.

Sagun Shakya

Technical Analyst

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