Lloyds share price is up strongly today, allowing the stock to shake off yesterday’s losses.
The bank’s stock, seen widely as a barometer of the UK economy, posted strong gains as traders tried to shake off the shock waves from the discovery of a mutant coronavirus strain in the UK.
The man at the helm of BioNTech, whose vaccine it developed with Pfizer was launched in the UK last week, came out strongly to back the vaccine, saying he believed it would help protect against the new strain of the coronavirus. CEO Ugur Sahin says the company has “scientific confidence” that the vaccine would work against the new strain, as the proteins in both the original strain and the mutant are 99% similar.
Lloyds share price is currently up by 3.83%, as the FTSE 100 moves into the home stretch of Tuesday’s trading session.
Lloyds share price is testing resistance at 34.77. A break above this area brings 35.97 into the picture, with 37.02 interacting with the channel’s upper edge as the next target. A break of this edge allows for a further advance towards 38.26 and possibly 40.66.
On the flip side, rejection at the current resistance brings in 34.77 into the picture, with yesterday’s low at 32.10 serving as the next downside target.
