Lloyds’ share price climbed to its highest level in 14 months after some market chatter about ongoing negotiations for the bank’s purchase of Embark Group hit the newswires.
Several major news media, including Sky News, report this Monday that Lloyds Banking Group is in talks to purchase retirement and savings product provider Embark Group for a reported £400 million. If this sails through, an announcement could be made as early as this month.
Lloyds’ share price has continued on the steady path to recovery, especially as the Bank of England made no changes to its interest rate or asset purchase program. The bank’s stocks have been on the uptrend after the BoE rejected any notions of delving into negative rate territory, preferring to allow the tools it already has in place time to kick in.
Lloyds share price is up 1.84% this Monday as of the time of writing.
Technical Levels to Watch
Lloyds’ share price is now challenging resistance at the 48.125 price mark. A break above this level opens the door for the price to aim for 49.205 (9 September 2019 low and 4 March 2020 high). Above this level, we could see a further push towards 50.435, with 52.465 lining up as additional resistance.
On the other hand, rejection at the 48.125 resistance allows for a pullback that targets 46.615 initially. A more extensive price drop sees 44.990 coming into the picture as additional support, as does 43.845 and 42.995 (16 April low/27 April high).