Lloyd share price opened higher this Monday notching a slight gain of 1.3% to trade at 28.14. This is coming on the back of a press release by the bank, indicating it would commence a project known as The Big Conversation.
This project is to set up discussions about social and economic recovery across the UK, following the coronavirus outbreak. Findings from the conversations are to be used to develop recommendations about the support of the revival of UK businesses and rebuilding of communities. The project is to involve business leaders, captains of industry, politicians and community members and will be spread across the various regions of the UK.
Lloyds share price has not had a good run of late after it announced it was preparing to take losses following a writedown of £5.5bn worth of delinquent loans in its portfolio. This action led to a second-quarter loss of £676m, which was a radical drop after the bank had posted profits of £1.3bn for the same period a year earlier.
Technical Outlook for Lloyds Share Price
Lloyds share price is just coming from a bounce on the 27.47 support line, following a break of this same line when it served as a resistance a few days ago. The break and pullback set up this support as an area where Lloyds share price could find some upside momentum on the day. Further advance targets the 29.76 resistance (lows of 23 March, 6/29 May and 14-24 July). A break and progress beyond this price level is required for price to start to push above the 30 GBP level, with resistance levels at 32.95 and 34.77 (30 April high) lining up as possible price targets.
On the flip side, a breakdown of 27.47 allows Lloyds share price to retest the 25.87 support area (3 August lows). The trigger for this move could be a rejection of the advance at the 29.76 resistance level.