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
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):
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.