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LLOY daily 24/05/13

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Lloyds Banking Group finally made it to the 63.4/63.8p resistance level from the significant price highs in early 2011. In addition, there appears to now be a complete wave sequence up from 21.63p.

This has, so far, been a great example of an uptrend play as shown in the trendlines section of the Chart School, and also of an Elliott Wave sequence.

The first big test of the bulls' strength will be if/when it tests the breakout point from the wave 3 high at 56.14p. This is where I'll close my short as it will be a support. If that gets taken out then I'll look to re-open targeting the main trendline up which stands at 49.31p today (rising daily).

Stochastic is starting to turn over from heavily overbought areas and the MACD histogram looks to be about to turn negative and is clearly sloping down which suggest at least a correction is in pl
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