Lloyds Bank analysis: hopes and fears for this stock
24th October 2022 09:48
by Alistair Strang from Trends and Targets
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Independent analyst Alistair Strang examines the popular blue-chip share.
Lloyds’ share price is still a little concerning as below 40p now suggests imminent weakness down to an initial 36.7p. If broken, our longer-term secondary now works out at 33.25p, hopefully a point at which a proper rebound will occur.
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Otherwise, it is still the case that Lloyds Banking Group (LSE:LLOY) requires - from our perspective - to close a session above 43.5p to give real hope. A truly surprise movement such as this should position the share price quite neatly, and capable of recovery to an initial 47p with secondary, if exceeded, working out at a longer-term 51.8p.
But we fear that Lloyds is destined to explore further depths, probably with an eventual bottom at our 33.25p. It even makes sense visually.
Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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