Latest take on Lloyds Bank shares
Despite some short-term improvement among bank shares recently, longer-term performance has been less exciting. Independent analyst Alistair Strang analyses the chart of this major UK lender.
16th September 2024 07:16
by Alistair Strang from Trends and Targets
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We’re extremely frustrated at the inability of retail banking shares to actually do anything positive, despite high interest rates starting to relax worldwide.
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The immediate situation with Lloyds Banking Group (LSE:LLOY) now suggests movement above 61.62p should bring movement to an initial 66.4p with our secondary, if beaten, at a more useful 69.5p and potential hesitation. Visually, the share price has experienced an issue at the 70p level since 2016.
If things intend to go wrong with Lloyds, below 56p looks like providing the first warning as this risks promoting reversal to an initial 52p with our secondary, if broken, now at 49.4p and a potential excuse for a real bounce.
For now, we’re stuck in a repeat cycle of every three weeks, trying to find reasons for the Lloyds share price to remove itself from a zombie lifestyle.
The retail banking sector, once interesting and exciting, is being outperformed by this year's crop of dandelions on our lawn.
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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