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Lloyds Share Price Flips Bullish After Flipping Major Resistance

Lloyds share price starts the week off on a positive note, being 0.4% above last week’s close. This uptick is bolstered by positive sentiment in the UK equities. The FTSE 100 index is up 45 points on Monday as investors eagerly await the impact of CPI figures of the US that are due to be released later this week.

At the start of November, Lloyds Bank expressed its intention to sell £6 billion worth of annuities from its pension provider, Scottish Widows. This will help reduce the responsibilities of Scottish Widows as they will have to focus only on workplace and individual pensions.

Lloyds Share Price Forecast

A glance at the chart for LON: LLOY shows that the stock has successfully flipped the 41.5p resistance into a support level which is a strong bullish reversal signal.

Given that the share price has found strong support at 41.3p, there are now strong chances for a 6.55% rally towards the 44.6p resistance level. However, it is worth mentioning here that the Lloyds share price forecast will be invalidated if the bears manage to drive the price below 41.5p again.

Lloyds share price chart on daily timeframe
LLOY Chart & Analysis