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LLOY daily 02/07/13

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The expected retrace didn't take place and a fairly long sideways move appears to have formed the 4th wave of the last rise up from the trendline resulting a what looks to be a false breakout.

Yesterday's candle was quite bearish, almost an engulfing candle and the previous day's high came with bearish divergences in RSI, MACD and even OBV (and probably other indicators too but I didn't check any more).

I'd strongly favour the short side from here, perhaps a re-visit to the trendline. A break and close above 64.93p would suggest further upside. My short stop will be just above that level.
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