Standard Chartered Plc share price is up 1.30% intraday on Tuesday and is headed to gain more by the end of today’s session. STAN share price currently trades at £7.64 and has gained almost 3% in the last week.
The daily chart illustrates that the stock price delivered a bullish outlook since the very beginning of the last quarter and continued in the current quarter. Recently, the share price made a comeback after falling below the 50-day EMA. This indicates the aggressive presence of bulls at the lower levels.
Standard Chartered share price also gained after the UK government released some good news for retail banks. Recently, Britain’s Finance ministry proposed legislation to ease business rules for the retail banks.
Currently, the STAN share price trades near the recent swing high and illustrates a continuous upward trajectory; forming a rising channel pattern. The breakout of the channel pattern may add more buying volume that may take the price to a high of £8.00.
Moreover, the breakdown of the channel pattern may add volatility and the price trend may turn indecisive as the buyers are present at the lower levels.
STAN Share Price Predictions For 2023
The average analyst price target for Standard Chartered stock in 2023 is £8.43, which represents a potential upside of 18.53% from the current price. However, there is a wide range of analyst price targets between £7.11 to £10.00.
The most optimistic analysts believe that Standard Chartered stock could reach £10.00 in 2023. The most pessimistic analysts believe that Standard Chartered stock could fall to £7.11 in 2023 if the global economy enters a recession or the stock is unable to compete effectively with other fintech companies.
Technical Indicators Signals Strength Over the Daily Chart
The overall technical indicators including RSI and MACD opinion rating for the STAN share price is a 90% “buy” with a strengthening short-term outlook on maintaining the current trend.
Conclusion
Standard Chartered share price is up 1.30% intraday on Tuesday and is headed to gain more by the end of today’s session. The stock price gained almost 3% last week and has been bullish since the very beginning of the last quarter. Recently, the share price made a comeback after falling below the 50-day EMA indicating the aggressive presence of bulls at the lower levels.
The breakdown of the channel pattern may add volatility and the price trend may turn indecisive as the buyers are present at the lower levels. The average analyst price target for Standard Chartered stock in 2023 is £8.43 which represents a potential upside of 18.53% from the current price.
Technical Levels
- Support levels: £7.22 and £6.93
- Resistance levels: £7.71 and £7.99
