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I'm buying Standard Chartered and here's why: Neighbour

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May 19, 2016 bank, banks, buy, equities, equity, fed, fomc, interest, interest rates, joe neighbour, rates, saxobank, saxobank.com, saxotrader, saxotradergo, share, shares, standard chartered, stock, stocks, stop, target, trader, trading, tradingfloor.com, us
UK Banks have had a great couple of days after being buoyed by Fed speakers about interest rates rising in the US and Joe Neighbour is looking to buy shares in Standand Chartered.

Bank shares have bounced from some major support levels and the value hunters have been keen to take part, Neighbour says.

He says Standard Chartered has the most constructive chart with a base formation on the daily chart, which suggests a bottom has been formed.

Neighbour expects a challenge of the key resistance level at 590p in the coming days and if that can be overcome, there is scope for a significant move higher. He is looking to buy on pullbacks towards 500p with a stop loss at 465p. His initial target for the trade is 590p and then 665p.