Lloyds stock (LSE:LLOY) was bullish from April 2021 till June 2021; when the price began to come downwards. The trend is bearish in the meantime and further downward movement is envisaged. Since June 2021, the market has been coming down gradually, and it has now formed a bearish bias.
Although the ADX period 14 is around the level 20 (showing a lack of
momentum at the present), the DM+ is kind of below the DM-, meaning that
sellers still have upper hands. MACD,
default parameters, has its signal lines and histogram below the zero line.
There is a Bearish Confirmation Pattern in the market.
By the price action and reality in the market, the bias on LLOY is
bearish for this year, and price is supposed to reach the support lines at
45.00, 42.50 and 40.00. Any rallies would be temporary as it would proffer
opportunities to sell short.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Technical analysis
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