Legal & General Share Price Hits a 5th Day of Gains Ahead of Holidays

Summary:

The Legal & General share price is on course for a 5th consecutive day of gains on the last day before the long holidays.

The Legal and General share price is up for the 5th day in a row, as the company continues to build on its stellar half-year result, which showed an increase in pretax profits.

The gains made in vaccination campaigns have allowed the insurance firm’s clients to stand on firmer footing without recourse to extended insurance cover. Shareholders are also getting succour from reports that the Omicron variant is not causing severe illness as initially feared. The Legal & General share price is up 0.34% on the news, albeit on low trade volumes on the last trading day before the long weekend holiday.

Having cleared the resistance at 293.3, the bulls are driving the Legal and General share price towards the 299.1 resistance level. The bulls have to uncap this barrier to make 303.4 available. The measured move from the pattern could terminate at 310.0, psychological resistance and site of two-year highs seen on 23 December 2019.

On the flip side, rejection at the 299.1 (24 November high) may allow a pullback that retests the 293.3 support level. Below this point, 289.2 and 286.0 are immediate downside targets that have to give way for 280.6 to become available.