Jump to content

Lloyds looking technically bullish ahead of full-year results


MongiIG

Recommended Posts

A potential bullish reversal is taking shape in the Lloyds share price ahead of Thursday’s full-year results.

BG_lloyds_bank_987987844.jpgSource: Bloomberg
 Axel Rudolph | Market Analyst, London | Publication date: Wednesday 23 February 2022 

Lloyds Banking Group, the UK’s largest mortgage lender, is bouncing off key support and looks technically bullish ahead of Thursday’s full-year (FY) results.

The banking group, which consists of the Bank of Scotland, Halifax and Scottish Widows amongst others, is widely regarded as a good proxy for the UK economy because of its 30 million customers and exposure to British consumers.

According to Reuters, Lloyds Banking Group is expected to show profits surging to £7.2 billion, up from £1.2 billion in 2020, as the bank benefited from the release of some of its £4.2 billion in loan provisions, set aside in 2020. Figures should be boosted by lower charges for bad debt, as borrower defaults proved lower than anticipated, and by increased mortgage borrowing in the wake of the UK economy bouncing back in 2021.

The Lloyds share price may be further boosted when the new CEO, Charlie Nunn, will lay out his strategy for the retail lending giant and explain where he sees future growth areas.

23022022_LLOY-Weekly.pngSource: ProRealTime

 

Last year’s share price rise of some +35% came on the back of the bank benefitting from the boom in mortgage lending seen during the pandemic, but this may soon diminish as UK interest rates rise in the face steep energy and consumer price rises.

From a technical perspective the fact that the stock bounced off its late January low at 49.25 pence shows that despite ongoing geopolitical tensions between Russia, Ukraine and the West, provoking the recent sell-off, buyers remain in control.

23022022_LLOY-Daily.pngSource: ProRealTime

 

Therefore, provided that the late January and February lows hold, the odds favour an eventual advance to above the 55.96p January high unfolding.

First the two-month resistance line at 53.25p will need to be exceeded, and then the early and mid-February highs at 53.96p to 54.50p.

23022022_LLOY-Monthly.pngSource: ProRealTime

 

Above this year’s high lurks the 58p to 63p region which has been capping the share price since 2016 and should prove difficult to overcome.

Failure at the 49.25p to 49.11p recent lows would negate the bullish outlook, and instead lead to the 200-day simple moving average (SMA) and 2020 to 2022 uptrend line at around 47.75p being revisited.

Further down the December trough can be spotted at 44.31p.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,262
    • Total Posts
      90,871
    • Total Members
      41,375
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    787Trader
    Joined 06/02/23 06:11
  • Posts

    • Elliott Wave Analysis TradingLounge Daily Chart, 6 February 23, AAVE /U.S.dollar(AAVEUSD) AAVEUSD Elliott Wave Technical Analysis Function: Counter trend Mode: Motive Structure: Impulse Position: Wave ((2)) Direction Next higher Degrees: Wave III of Motive Wave Cancel invalid Level: 50.173 AAVE /U.S.dollar(AAVEUSD)Trading Strategy: AAVE token has recovered well from the 50.40 level and managed to cross the MA200 line, indicating that an uptrend is forming. The Elliottwave structure is in a correction of wave (2) as a short-term decline before the price rises. again AAVE /U.S.dollar(AAVEUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. The wave oscillators above Zero-Line momentum are bullish TradingLounge Analyst: Kittiampon Somboonsod Source : Tradinglounge.com get trial here! Elliott Wave Analysis TradingLounge 4H Chart, 6 February 23, AAVE /U.S.dollar(AAVEUSD) AAVEUSD Elliott Wave Technical Analysis Function: Counter trend Mode: Motive Structure: Impulse Position: Wave ((2)) Direction Next higher Degrees: Wave III of Motive Wave Cancel invalid Level: 50.173 AAVE /U.S.dollar(AAVEUSD) Trading Strategy: AAVE token has recovered well from the 50.40 level and managed to cross the MA200 line, indicating that an uptrend is forming. The Elliottwave structure is in a correction of wave (2) as a short-term decline before the price rises. again. AAVE /U.S.dollar(AAVEUSD)Technical Indicators: The price is above the MA200, indicating an uptrend. The wave oscillators below Zero-Line Bearish momentum.
    • SP500 | NASDAQ | Russell 2000 | Dow Jones: Elliott Wave Technical Analysis Content: SP500 - NASDAQ 100 - RUSSELL 2000 - DOW JONES Summary Bullish Impulse wave structure moving higher Elliott Wave (iv) of iii) of 3 of (3) of 1) Strategies Holding long Video Chapters 00:00 S&P500  11:33 NASDAQ 100 (NDX) 12:26 Russell 2000 (RUT) 13:23 Dow Jones (DJI) 19:16 TRIAL Buy 1 Month Get 3 Months Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  
    • Q: How can I experience the Fairy Cat metaverse? A: Debuting in January 2023, Fairy Cat is one of the most popular crypto metaverse games. While earlier games (World of Warcraft, League of Legends, Destiny 2) either precede blockchain technology or have not integrated it into their games at all, more recent metaverse iterations - such as FairyCat - integrate metaverse games and blockchain platforms. These so-called "crypto metaverse" games use blockchain technology to achieve encrypted in-game cash, play-to-earn (P2E) and non-fungible tokens (NFT), decentralization and other functionality to bring extraordinary benefits to metaverse games. relevant impact. You don't need to be a crypto expert to play this innovative game, although a little crypto knowledge is helpful to take advantage of all the functionality of FairyCat. Start exploring Fairy Cat: 1. Go to the Fairy Cat website to learn more about the game's currency models, then download the Metamask wallet. 2. Start earning money by opening the game in the Metamask wallet browser. At this point, the game will connect to your wallet account. Don't worry that this game will steal your wallet balance, because it doesn't need your account authorization data, it just needs your wallet data. 3. Once you are in Fairy Cat, you can go through a money transfer tutorial to learn the basic controls. Then you can earn money in the following three methods: Method 1: Adopt a cat to help you find treasures, and you can make profit after selling the treasures. Method 2: Synthesize an LV1 elf cat through 5 elves, and then sell the LV1 elf cat to earn money. This can be understood simply as using 5U to earn 10U (50% probability), and you can buy items to increase the synthesis rate. Method 3: Invite your friends to play the game. After your friends earn money, you can also get commission income. The income is very high.
×
×
  • Create New...