By Robert Sutherland Smith | Thursday 12 December 2013
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
On the 2 December I asked whether Standard and Chartered (STAN) shares would bounce or not bounce off a technical chart support line? Now we have the answer! The share price then, was 1429p; today, last seen, it was 1286p, down a further 10% on talk of a rights issue. Having cracked that perceived trend support line, they are now at or very close to the bottom of a near three year trading range.
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