This Thursday, Lloyds share price has extended its losses after the BoE failed to deliver on a concrete step towards tapering the asset purchase facility. Lloyds share price had earlier opened sharply lower and now trades 3.71% in the red as of writing.
However, the stock may see further downside moves limited as it continued to enjoy support from institutional investors. Credit Suisse analysts have revised the earnings and capital forecasts of Lloyds Bank and have raised the target for Lloyds share price to 61p on the back of an improved outlook for the UK banking sector.
Lloyds share price currently trades at 45.60p at the time of writing.
Technical Outlook for Lloyds Share Price
The intraday correction fell short of the 44.99 support, as bulls continue to make their presence felt despite Thursday’s bearish sentiment. A bounce on the 44.99 support allows Lloyds share price to retest the 46.615 resistance. Price needs to break this barrier and surpass 48.125 to mark a return of the uptrend, as this move takes Lloyds share price above the progressively lower highs of 13/29 July and 4 August. The actualization of this move could open the door for a push to 49.205, lining up 50.435 as a potential upside barrier.
On the flip side, a decline below the 44.99 support dampens sentiment further and could lead to a push towards 43.845. Below this area, the 42.995 support comes into play as an additional support, with 42.015 also serving as a downside barrier of note if the decline is extensive.