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Lloyds Share Price Flips Bullish After Flipping Major Resistance

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Written By: Abdullah Sarwar
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    Summary:
  • Lloyds shares have flipped the 41.6p resistance into support. Consequently, bulls are now targeting 44.6p which is the next 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.

LLOY Chart & Analysis

This post was last modified on Nov 13, 2023, 12:41 GMT 12:41

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar