Lloyds’ share price has opened the week on the back foot, even as new CEO Charlie Nunn resumes at the helm of the banking group’s affairs. Nunn was formerly the head of wealth and personal banking at HSBC and replaced Antonio Horta-Osorio, who is moving to Credit Suisse to take over as its Chairman.
Investors may have decided to stand pat to see where the bank is headed under Nunn, resulting in the lack of demand for the stock on the day. Lloyds’ share price presently trades 1.75% in red territory but continues to trade range-bound in a consolidation that commenced in mid-June.
Lloyds share price is in the middle of a pullback towards the 44.99 support level, having breached the symmetrical triangle to the downside. A breakdown of this level allows the bears to make a dash towards 43.85. 42.99 remains the closest support level below 43.84 and becomes the next target if Lloyds share price declines further.
On the other hand, bulls would need to see a recovery above 46.615 to change the sentiment on the stock. This move would open the door towards 48.125, with 49.025 and 50.435 serving as additional targets to the north.