Lloyds share price ticked upwards this Monday, bucking the trend of the FTSE 100 on the day, as Deutsche Bank analysts upgraded the stock from “hold” status to a “buy”. Despite the upgrade, the bank maintains its 50p target price, which is 7p above the current Lloyds share price.
Lloyds Bank shares continue their amazing 2021 run which has seen it move from the February 2021 lows of 33p to the current price. This comes as the Bank of England refused to delve into negative rates territory and the steady progress of the coronavirus vaccinations which have made it possible to complete two out of the four phases of reopening. The BoE had also lifted some of the restrictions on dividend payments, which has served to generate new buying interest on the stock.
Lloyds’ share price is up 1.47% on the day as of the time of writing.
Technical Outlook for Lloyds Share Price
The 4-hour chart reveals an intraday violation of the evolving ascending triangle. This violation has allowed the price to touch off resistance at 43.845. A clear break of this area targets 44.990 as the initial target, as this level forms the price projection from the measured move that corresponds to the triangle’s base.
On the flip side, a decline below the 43.240 support also breaks down the triangle’s lower border and opens the door for bears to aim for the 42.480 support. 42.015 and 41.555 come into the picture as new targets to the south if the decline is more extensive. This view would also invalidate the triangle.