Lloyds Share Price: There’s Room for Advance Despite Recent Slump

The Lloyds share price is only modestly higher this Monday, following a muted open to the week. This comes despite the upbeat potential of the stock’s performance, as indicated by Barclays. 

Barclays has set a price target of 64p for the Lloyds share price, as it expects the bank to continue its ascent following the better-than-expected 3rd quarter results. The bank declared a profit of £1.6 billion, twice the profit made in the same period in 2020. This result enabled the bank to raise its surplus capital ratio to 17.2%, beating its expectation of a 12.5% increase.  

On Thursday, Lloyds share price endured its steepest one-day drop of 2021 after the Bank of England (BoE) opted to leave rates unchanged, rattling the UK banking stocks in the process. Friday’s NFP report in the US provided some market optimism that allowed for a slight recovery, even though the stock ended the week lower.

The Lloyds share price is slightly up by 0.46% as of writing. 

Lloyds Share Price Outlook

Following Friday’s slight recovery in the Lloyds share price, the stock appears to have stalled at the 49.205 resistance level. A pullback from here retests the support at 48.125. If the bulls fail to defend this support, 46.615 becomes the next target. A further decline will see 44.99 come into the picture to the downside.

On the other hand, a breach of 49.205 allows 50.435 to enter the picture as the initial upside target. Additional targets at 51.02 and 52.095 require substantial bullish momentum, with the acquisition of the latter allowing the Lloyds share price to hit new 2021 highs.

Lloyds: Daily Chart

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