LLOY.L closes above its opening price after recovering from early selling pressure

Lloyds Banking Group (LLOY.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


LLOY.L closes above its opening price after recovering from early selling pressure
LLOY.L closes lower for the 4th day in a row
LLOY.L breaks below previous session low
LLOY.L falls to lowest close since June 27th
LLOY.L ends the day indecisive


Moving lower for the 4th day in a row, LLOY.L finished the week -1.1% lower at 61.86 after losing £0.25 (-0.4%) today. Today's closing price of 61.86 marks the lowest close since June 27th. Trading up to £0.21 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 61.93, the share confirms its breakout through the previous session's low having traded £0.33 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (LLOY.L as at Aug 10, 2018):

Daily technical analysis candlestick chart for Lloyds Banking Group (LLOY.L) as at Aug 10, 2018

Friday's trading range was £0.47 (0.76%), that's below last trading month's daily average range of £0.68. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Prices are trading close to a key support level at 61.54. Prices are trading close to the key resistance level at 62.15.

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

With prices trading close to this year's low at 60.50, downside momentum could accelerate should the stock break out to new lows for the year. Further selling might move prices lower should the market test July's nearby low at 61.54.

Market Conditions for LLOY.L as at Aug 10, 2018

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