Thursday, March 16, 2017

Annual Trading Forecast for Lloyds (2017)

Lloyds shares (LSE:LLOY) are currently consolidating, having trended downwards in the months of October 2016 to February 2017. Price is now consolidating.

In the chart, it can be seen that in spite of its consolidation, price has managed to stay above the upper Trendline, which was breached in December 2016. The RSI period 14 is also above the level 50 (even close to the level 60). This is a bullish signal.

The price action shows that when Lloyds breaks out of the ongoing near-term consolidation phase, it would most probably be in favor of bulls. The outlook is bullish for 2017 and the supply zones at 80.0, 90.0 and 100.0, may be reached before the end of the year.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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