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Lloyds Share Price Consolidates Before The Next Big Move

Lloyds (LON: LLOY) share price has remained sideways this week. After an intense sell-off at the start of the month, the shares of Lloyds Banking Group are in a consolidation phase. Other major banks like NatWest Group, Barclays, and HSBC are also showing a similar price action this week.

During Wednesday’s trading session, Lloyds shares turned green for the first time in the week. The shares were up 0.80% till noon and changed hands at 46.77p. Shares of HSBC, Barclays, and NatWest Group also depicted a positive price action.

Lloyds Bank Opens Launch Innovation Programme

Lloyds Banking Group has opened the application for its Launch Innovation Programme. This programme will enable the fintech startups to develop their businesses from the guidance of Lloyds (LON: LLOY). The bank will invite successful projects for a commercial experiment which may also result in a partnership in the future.

In other Lloyds news, Disney+ has joined the Club Lloyds lifestyle benefits. The 12-month subscription for Disney+ will be available on Club Lloyds starting from 1st April. Despite a bounce from the monthly lows, Lloyds share price is still 11% down for the month.

Lloyds Share Price Must Hold 46p Level

The following chart of LON: LLOY reveals certain key levels that the price has respected in the past. The most significant level in this regard is the 200 moving average on the daily chart, which currently lies at 46p. At the moment, the price is trading slightly above this level, but it needs to flip into support to unlock further upside.

Another critical level for Lloyds share forecast is the 44.6p level which is the swing low on the daily chart. A close breakdown below this level might result in a much bigger drop. However, I expect the price to rebound from the 44.6 support instead of breaking it in the coming days.

Lloyds share price chart
Lloyds (LON: LLOY) Chart