UK banks are getting a lift this Monday after uplifting comments from UK PM Boris Johnson about the rollout of the coronavirus vaccines.
UK PM said on Monday that any lifting of lockdown measures had to be “cautious but irreversible”. The UK met its 15million vaccination milestone target 2 days early, and this along with the PM’s comments have lifted sentiment in the banking sector.
Lloyds’ share price is currently trading 5.06% after it attracted heavy demand from investors on the FTSE 100.
Technical Levels to Watch
Today’s price action has breached the 38.26 resistance, but the price needs a 3% penetration close to confirm the breakout. This would open the door towards 39.53. 40.66 and 41.55 are the only barriers remaining for bulls to push Lloyds’ share price to the 11-month highs. Supporting bullish price action is the small flag pattern whose projected measured move is expected to terminate at 41.55.
On the flip side, a rejection at any of the barriers along the way, notably 39.53, could allow for a pullback that targets 37.02. Major support lies at 32.10. For Lloyds’ share price to attain this support level, preceding support targets at 35.97, 34.77 and 33.09 must be taken out. Below this support, 31.25 and 29.76 line up as additional support levels to the south.
Lloyds Share Price; Daily Chart