LLOY.L unable to break through key resistance level
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.
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
|Close near high of period||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
|RSI(2) above 80||TQ Pro Members Only|
|Bullish Bounce off SMA 20||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
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