Lloyds Bank shares close to a breakout
If shares in the high street lender can make a move above this level, independent analyst Alistair Strang is optimistic they can build momentum.
11th March 2024 07:34
by Alistair Strang from Trends and Targets
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There’s a degree of similarity between a dull Grand Prix in Saudi Arabia this weekend and the lacklustre performance by Lloyds Banking Group (LSE:LLOY)'s share price.
The immediate problem for Lloyds is roughly at 48.9736p, their share price needing to exceed such a level to hopefully trigger some proper action. Above such a level, represented by the Blue downtrend on the chart, should apparently now bring movement to an initial 50.9p with our secondary, if beaten, calculating at a comfortable looking 54.25p at some point in the future.
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Unfortunately, the visuals promise some hesitation at the 54.25p level, this being a repeated point of hesitation during the last few years.
Once the share price actually closes above 54.25p, we’ve an expectation of a future 62.5p and beyond but, for now, there’s nothing from the price hiatus since 2021 which suggests the potential for strong upward recovery.
If things intend to go wrong for Lloyds, below 42.2p looks troubling, capable of triggering reversal to an initial 40.2p with our secondary, if broken, at a probable bottom of 35.4p.
For now, there are certainly early signals for some optimism and, should Lloyds manage to exceed Blue on the chart, it may become slightly interesting for a while.
Source: Trends and Targets. 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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