LLOY.L unable to break through key resistance level

Lloyds Banking Group (LLOY.L) Technical Analysis Report for Jul 13, 2018

Highlights

LLOY.L closes below its opening price unable to hold early session gains
LLOY.L unable to break through key resistance level
LLOY.L ends the day on a bearish note closing near the low of the day
LLOY.L closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment:
60% Bearish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

LLOY.L ended the week -0.13% lower at 62.41 after losing £0.15 (-0.24%) today. Trading £0.36 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for LLOY.L

Volatility

Friday's trading range was £0.76 (1.21%), that's below last trading month's daily average range of £0.88. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Unable to break through the key technical resistance level at 62.73, the market closed below it after spiking as high as 63.08 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 61.76 where further sell stops might get triggered. As prices are trading close to July's low at 61.54, downside momentum could speed up should Lloyds Banking mark new lows for the month.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Lloyds Banking Group

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