 Hello and welcome to the CMC Markets Chart of the week video with myself, David Madden, market analyst here at CMC Markets and today's date is Thursday 15th February 2018 and the time has just gone 11.40am UK time. And this week's chart of the week is Standard Life Aberdeen. Take a look at the daily chart over a longer data view. We can see that from November 2016 right up until August 2017, it was quite a lot of champion trading for Standard Life Aberdeen. But as you can see, it was in a fairly solid upward trend. And since August 2017 until January of this year, early February of this year, the share was in a classic example of a sideways trend. It was very much range bound. Broadly speaking, the top end of the range was £4.77 this slide here. And the lower end of the range was £4.03. So a classic example of market moving within a certain price range, a very good example of what's called sideways trading or range bound trading on the particular stock. But for zooming closer here, we can see a couple of gaps lower on the chart. In early February of this year, when we saw a severe sell-off in global equities, one of the main losers in that global sell-off was actually Standard Life Aberdeen. Because the logic was it is certainly the financial markets, particularly in the equity markets, investors want to cash in their investments with Standard Life Aberdeen. And they expect to possibly in the process of withdrawing their funds or liquidating their position. So money managers like Standard Life Aberdeen got hit quite badly during the sell-off. So what we saw here was from early January, it was still a range bound. And then as it was drifting lower, the sell-off in stock markets kicked in. And one of the results of that was the share price to gap lower for the stock. And if the share price is gap into the downside, that tells us that sentiment is negative. So as the share price was in decline here, we saw a steady increase in negative momentum on the MACD indicator, the MACD histogram. So the decline of the share price was be confirmed by the steady rise in negative momentum on the MACD indicator. The gap lower, which also coincides with the gap below its today moving average. So it's almost like a double negative. It's falling below its today moving average, which is a sign in itself that sentiment is negative, not to mention the fact that it's actually gap below to the downside as well. So it's almost like a double negative. The share price has had a bit of a bounce back, but has since moved lower yet again. In fact, another gap lower here. All the while, negative momentum remains quite high. So the increased negative momentum is confirming the negative move to the downside in the share price. So the negative momentum tells us that the momentum is with the sellers, is with the bears. Today's gap lower, as the stock dropped to a 10 month low. And that was in the bank of news that Scottish widows, who are owned by Lloyd's group, have decided to end their contract with Standard Life Aberdeen. And it's estimated that about 5% of Standard Life Aberdeen's revenue comes from that particular contract. So the news of that contract sent the stock lower, a gap lower, and sent the stock to a 10 month low. So looking at the chart here, the sentiment is clearly quite bearish. Should we see the share price take off this morning's low, which comes to play in around 350, that would be that would be a sign that we could be looking at further losses. And we could be looking at heading back to the January 2017 low of £3.36. And if you take out that level, we could be looking at heading back down towards £3.23, which a level hasn't been seen since November 2016. But if you do manage to see a bit of a bounce back and the share price does manage to recover from here, let's take a look at potential upsides that we could see. The first area to keep an eye out for will be the area where the gap was created in around £3.85, £3.84. One of the myths about gaps is that they're always filled. They're not always filled, but they are often filled. So if this stock does manage to rebound, and they're to keep an eye out forward to the upside, could be £3.84 to fill that gap that was created here. And should we move beyond that, we could be looking at heading towards £4.03 on the four-pounds mark. Notice how the four-pounds mark acts as a bit of support between September and January. Going north of that, we'll be looking to potentially fill this gap here, which coincides with the 30 moving average at £4.15. And if you manage to retake the 30 moving average at £4.15, that'll be an indicator that that sentiment is turned back positive on the predictor of stock. And from there, we could be looking at testing the October high of around the £4.77, £4.77 area. Well, that's all from me this week. Thank you very much.