Something important is happening to Lloyds Bank shares
Last week was a good one for Lloyds and November was a great month, and with the shares at their highest since September, independent analyst Alistair Strang has spotted something he likes.
4th December 2023 07:41
by Alistair Strang from Trends and Targets
The whole contrived drama of clickbait headlines constantly bothers us and perhaps exerts a subconscious influence, lest we fall into the trap of promising the heavens.
Lloyds Banking Group (LSE:LLOY) is currently a great case in point.
Based on share price movements on Thursday and Friday, we can cheerfully announce “Lloyds is heading to 120p!”
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The thing is, something possibly important actually did occur with Lloyds, the market deciding to pour some pixie dust over the share, allowing it to nudge above the Blue 2023 downtrend.
On the chart inset, we’ve circled a bunch of recent nudges upward at the market open on three occasions during November, giving a broad hint “they” were up to something. The immediate situation suggests above 44.5p should make an attempt at 46p next with our secondary, if beaten, calculating at 48.2p. Obviously, neither ambition is anywhere close to 120p but the fact the market has started nudging Lloyds upward is surely meaningful.
In this instance, we can provide a third target level if 48.2p is bettered, as a future 53.7 works out as possible. The visuals indicate some hesitation can be anticipated, if such a target makes itself known. To cancel this truly festive outpouring of optimism, the share price needs wither below 43p.
Oh, and should Lloyds ever discover a reason to close a session above 53.7p, it actually will find itself residing in a Big Picture zone, one where we shall argue in favour of a long-term attraction coming from 120p!
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.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
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