Lloyds’ share price appears unaffected by the recent refund of $1.3 million it made for violations of payment protection insurance over 8 years.
Lloyds Bank made the refund after the UK Competition and Markets Authority cited the bank for 18 violations. Lloyds bank is to refund all customers which were affected by these violations, with the regulator promising to take formal action if the bank fails to meet this obligation.
Lloyds’ share price was unmoved by the news, notching up gains of 0.21% on the day. The stock was 1% up at a point after opening with an upside gap, but bullish action has stalled and Lloyds share price has given back some profits.
The upsurge in Lloyds’ share price met a stonewall at the 34.77 resistance level, and this was followed by a pullback that got rejected at Tuesday’s closing price. This preserves the bullish bias for the stock on an intraday basis. Lloyds’ share price needs to close below Tuesday’s low to initiate bearish momentum that could lead to a drop towards 33.09. If this support gives way, then 32.10 becomes the next available barrier to the south. A decline below this level will mark new 2021 lows.
On the other hand, if bulls can seize the initiative from the rejection of the pullback at yesterday’s close, then we could see a retest that puts 34.77 at risk. An advance beyond this resistance opens the doorway towards 35.97, with 37.02 and 38.26 serving as additional targets to the north.
