Lloyds Banking Group for 26/10/2020

#BrentCrude #WallSt Life comes at you fast. Unless you are watching banking shares! We started this month, mentioning #Lloyds were starting to show glimmers of hope for the future and it was to take three weeks before such blind optimism was proven correct. In normal times, we’d now be pretty comfortable the share price was about to commence on a recovery cycle.

One of the key criteria given three weeks ago was the need for Lloyds share price to stick its nose above 29.6p as this should prove we’re competent with our reading of the tea leaves. In fact, the market generously allowed Lloyds to reach 29.7p on Friday 23rd October, thankfully reaching such an impossible high during the trading day rather than as one of these frustrating spikes in the opening second. To us, this is fairly important as it implies honest trading has caused the rise, rather than market price manipulation designed to give hope which will vanish faster than sunshine in Scotland.

The immediate situation now looks like movements above 29.7p should bring a visit to 30.75p with secondary, if bettered, calculating up at 33.25p.

Visually, there’s quite a lot of importance attached to the 30.75p level as this should hopefully permit the share price to actually CLOSE a session above the glass ceiling which has formed at 30p. The surprise with our secondary of 33.25p comes from the Blue line on the chart. This represents the downtrend since 2008 and is almost certain to provoke an excuse for hesitation in Lloyds recovery. With closure above this trend line, it feels inevitable a new trend shall start to form, one with 50p suggesting itself as a fairly sane ambition for the future.

Lloyds would now need weaken below Red on the chart, currently at 24p, to signal trouble. A calamity such as this would point at reversal to 19p and hopefully a final bottom. The picture presented by recent share price dance steps tend suggest this unlikely.

Hey, chart goes here

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
4:42:10PM BRENT 41.94 41.75 40.73 39.96 42.7 42.55 42.745 43.16 41.85
7:41:49PM GOLD 1901.85
7:44:02PM FTSE 5868.5 Success
7:55:13PM FRANCE 4917 ‘cess
9:44:49PM GERMANY 12660 ‘cess
9:47:38PM US500 3460.12
9:52:42PM DOW 28309 28143 28025.5 27869 28335 28408 28503.5 28665 28270 ‘cess
9:54:33PM NASDAQ 11683 Success
10:06:54PM JAPAN 23513 Success

 

23/10/2020 FTSE Closed at 5860 points. Change of 1.3%. Total value traded through LSE was: £ 4,285,091,177 a change of -6.52%
22/10/2020 FTSE Closed at 5785 points. Change of 0.16%. Total value traded through LSE was: £ 4,583,747,550 a change of 11.03%
21/10/2020 FTSE Closed at 5776 points. Change of -1.92%. Total value traded through LSE was: £ 4,128,443,901 a change of 8.25%
20/10/2020 FTSE Closed at 5889 points. Change of 0.08%. Total value traded through LSE was: £ 3,813,945,986 a change of 1.08%
19/10/2020 FTSE Closed at 5884 points. Change of -0.76%. Total value traded through LSE was: £ 3,773,149,871 a change of -31.24%
16/10/2020 FTSE Closed at 5929 points. Change of 1.66%. Total value traded through LSE was: £ 5,487,076,168 a change of 14.4%
15/10/2020 FTSE Closed at 5832 points. Change of -1.74%. Total value traded through LSE was: £ 4,796,476,365 a change of -9.92%

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