Lloyds Share Price Gains Strength Ahead Of Q2 Earnings
Lloyds (LON: LLOY) share price is rising once again after remaining in a slump for months. The British banking stalwart is set to release its earnings report next week. The surge in stock ahead of the earnings release suggests that the investors are expecting strong profitability in the second quarter.
The FTSE 100 index has rebounded strongly from its July lows. The benchmark index of the UK equities now stands above 7,650 points. This rise can be attributed to a recovery in the bank shares. Lloyds shares are currently 12.2% up from their June lows.
Neptune Adds Lloyds Bank To Its Dealer Community
As per the latest news from Lloyds Banking Group, Lloyds had joined the fixed-income network called Neptune Networks. Neptune announced the addition of Lloyds Bank to its bond dealer community. According to the details, Lloyds will distribute axes on GBP and EUR corporate credit along with UK gilts leveraging its integration with Neptune Network.
In other news, Lloyds Bank is set to close four branches in London along with another 44 branches in the rest of the UK. Lloyds share price is currently 14.6% down from its yearly peak. The bank had to face headwinds from the banking crisis in the US.
Lloyds Share Price Must Gain Strength Above 44.6p
As visible on the following LON: LLOY chart, the price has broken above the head & shoulders neckline. This neckline is present at 44.6p, which is the most critical level on the chart right now. The shares need to gain strength above this level to flip bullish once again.
Lloyds share price forecast of 50p will become a reality if the shares reclaim 44.6p. On the other hand, another breakdown below this level will be very bearish. In this scenario, the first target for the bears will be 38.5p support.
In the meantime, I’ll keep sharing the updated Lloyds stock forecast and my personal trades on my Twitter, where you are welcome to follow me.