- Summary:
- Lloyds share price makes it 8 winning days in a row as the BoE considers allowing UK banks to resume dividend payments to shareholders.
Lloyds share price was among several banking stocks that hit it big on the FTSE 100 is Monday, after Reuters reported that the Bank of England was seriously considering allowing UK banks to pay dividends to investors this year after all.
Recall that the Bank of England had earlier in the year suspended dividend payments by banks to enable them to retain more cash and ride out the debilitating effects of the coronavirus pandemic.
The Times reported that the Bank of England is in talks with several UK banks to work out modalities of the dividend payments. These discussions are occurring even as Lloyds banking group has asked the bulk of a 65000 strong workforce to start working from home open to 2021, as new lockdowns have been implemented to stem the spike of the coronavirus cases in the United Kingdom.
Lloyds share price is up by 3.8% this Monday, as the Bank stock looks to build on the impressive 4.91% gain of Friday to take the winning streak of the stock to 8 days.
Technical Outlook for Lloyds Share Price
The 8-day winning streak on Lloyds share price started from the bounce of the daily candles on the upper edge of the descending channel which was broken On October 7. Lloyds share price is now testing the resistance at 29.765. The bullish momentum could push the price to the next resistance target at 31.250, with 32.95 and 34.77 lining up as additional price targets to the north.
On the flip side, rejection at 29.765 may allow for a pullback towards 28.76 and possibly 27.47. This pullback may also touch the upper boundary of the descending channel as 25.875, where price might bounce once more or might fall back within the channel.
Lloyds Share Price (Daily) Chart
