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 [1 min read]
Highlights
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
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

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 chart for LLOY.L
Volatility

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.

Support/Resistance

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

Trend

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

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Lloyds Banking Group
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
52 Week Low TQ Pro Members Only
8 Consecutive Lower Closes TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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