LLoyds Banking Group is now firmly into a major resistance area of the 58.02p gap, 60.86p and 63.4p price highs. For Elliott Wave enthusiats, there also looks to be a complete set of 5 waves up, including the subwaves, from the 21p area and the RSI has formed a clear long term bearish divergence so a retrace may be due on this stock.
Supports to look for are at the wave 3 high of 56.14p, the trendline at 48.41p (today, falling daily), the wave 4 low at 46.08p (also the 38.2% Fib), 39.25p and 36.73p (close to the 61.8% Fib).
Supports to look for are at the wave 3 high of 56.14p, the trendline at 48.41p (today, falling daily), the wave 4 low at 46.08p (also the 38.2% Fib), 39.25p and 36.73p (close to the 61.8% Fib).