This is an important level for Lloyds Bank shares
Shares in the high street lender staged something of a recovery last week, bur remain well below levels seen just before the pre-motor finance slump. Independent analyst Alistair Strang reveals what his charts say about the stock.
18th November 2024 07:14
Our previous glance at Lloyds Banking Group (LSE:LLOY) proved quite prescient. We had allocated a bottom at 53p and on the day, the share price closed the session at 53.08p and bounced.
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There are obviously risks of further drops and it’s impossible to define a perfect trajectory. Now below 53p risks triggering reversal to an initial 48p with our secondary, if broken, down at an eventual bottom of 43p.
We should point out that visually, we do not anticipate such a catastrophe.
If things intend to go right for Lloyds, we are inclined to regard share price closure above 57.2p as important, moving the share price into a cycle where an initial 60.5p looks likely with our secondary, if beaten, at 66p.
This secondary remains a big deal from a Big Picture perspective, such a movement taking the share price into a zone where a longer-term cycle to 92p becomes possible.
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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