A New Year recovery for Lloyds Bank shares?
With the UK lender struggling to regain levels seen before its October sell-off, independent analyst Alistair Strang studies the charts for positive signals.
30th December 2024 08:39
by Alistair Strang from Trends and Targets
We’ve a degree of trouble when attempting to divine what the heck is happening with the Lloyds Banking Group (LSE:LLOY) share price. Since our previous review, it failed to trigger any drop triggers, instead opting to his a gain trigger yet not rising to our initial 57p target on the first surge.
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Instead, it has flopped uselessly. If we take the stance the gain trigger was hit first, above 55p should now trigger movement to an initial 57p, with our longer-term secondary, if bettered, calculating at 60.8p, along with almost certain hesitation unless the market starts gapping Lloyds up. In such a scenario, the unspoken implication will be to force the market to exceed 60.8p and create a new trend toward an eventual 92p.
Our alternate scenario kicks in if the index wanders below 52.7p, as this now risks promoting reversal to an initial 49.1p with our secondary, if broken, a hopeful (though unlikely) bottom at 45p.
Best wishes for a prosperous New Year.
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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