Lloyd Banking Group PLC stock (LYG) price trading near neutrality showed buyers’ accumulation in the past sessions. Moreover, the stock showed a falling wedge breakout above the neckline of $2.10, which led buyers to gain strength.
LYG stock was trading above the key moving averages and showed a golden crossover indicating that buyers are showing their attainability and gaining momentum from the past sessions.
Furthermore, the trend was intact, and the price retested the trendline on the charts. LYG stock price action still reflects a robust bullish structure and suggests further buying projections. The chart shows that the rally will extend above the neckline of $2.60, and the price goes toward $3.00. On the other hand, a 20-day EMA near $2.25 supports sellers willing to retest to cover their positions.
Lloyds Banking Group Plc is a financial services company that provides banking and financial services. It operates through the following segments: Retail, Commercial Banking, Insurance and Wealth, and Other. The Retail segment offers a broad range of financial service products, including current accounts, savings, mortgages, motor finance and unsecured consumer lending to personal, and small business customers.
The Commercial Banking segment provides a range of products and services such as lending, transactional banking, working capital management, risk management and debt capital markets services to SMEs, corporates, and financial institutions.
At press time, LYG stock price was traded at $2.33 with an intraday gain of 0.43%, showing a bullish chart structure. Moreover, the intraday trading volume remained at 5.50 Million, and the market cap is $37.819 Billion. Analysts expected a one-year target price of $3.03 and maintained a buy rating on the stock.
LYG Stock Price Shows Neutrality on Daily Charts
On the daily charts, LYG stock price is trading on the verge of the 50% Fib level and struggling to escape the range near $2.50. Moreover, the price trades near the mid bollinger band, holding the gains on the top.
The price action shows that LYG stock has corrected from the supply zone of $2.60 and retested the demand zone of $2.00. Afterwards, correction halted, buyers started accumulating, and reversal was noted, breaking the falling wedge pattern.
What LYG Stock Reflects On Short Term Charts?
On the 4-hour charts, LYG share price is trading above the neutrality and heading to retest the neckline near $2.30.
The RSI curve stayed above neutrality, near 55, forming a positive crossover indicating further buying in the following sessions.
The MACD indicator showed a bearish crossover indicating a volatile chart structure, but the parameters suggest a bounce near the 20-day EMA.
Conclusion
Lloyds Banking Group PLC stock (LYG) price is trading near the crucial Fib level of 50%, where the upside has a trajectory swing highs of $2.60 to retest. On the other hand, the downside near the 50-day EMA at $2.20 is a strong support range.
Technical Levels:
Support Levels: $2.60 and $2.80
Resistance Levels:$2.10 and $2.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/25/will-lyg-stock-nyse-lyg-prop-legacy-ahead-q2-results/