Lloyds’ Share Price Outlook: £43 Remains a Viable Target

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Written By: Eno Eteng (MSTA)

Mar 08, 2021, 14:15 GMT 14:15

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Summary:

Lloyds share price is up as UK banking stocks recover based on renewed, vaccine-driven optimism about UK economic recovery.

Gains in bank and energy stocks are driving the rise of the UK stock market this Monday. Lloyds’ share price appears to be one of the winners, as easing lockdowns and hopes of a return to normalcy are driving interest in this stock.

On Friday, Lloyds Banking Group announced its intention to diversify its investment portfolio into the UK housing market, which would make it the largest private landlord in the UK. Other bank stocks are also on the up this Monday, with HSBC and Barclays getting back in the green this Monday.

Technical Levels to Watch

Lloyds’ share price is now challenging the resistance at 41.555 once more, following several failed attempts at breaching this price level. A breakout here allows Lloyds’ share price to aim for the 42.995 resistance, with 43.845 also in the running for bulls.

On the other hand, a failure to break past 41.555 could allow Lloyds share price bears a chance at targeting the 40.660 support level with 39.530 and 38.26 serving as additional support levels.

Lloyds Share Price; Daily Chart

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.