Lloyds: Banking on Further Downside. We look to Sell at 2.75 (stop at 2.90)
Lloyds Banking Group - Short Term - We look to Sell at 2.75 (stop at 2.90)
We look to sell rallies. We are assessed as being in a large channel formation with the resistance level located at 2.75. The bias is still for lower levels and we look for any gains to be limited. Risk/Reward would be poor to call a sell from current levels. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 2.75, resulting in improved risk/reward.
Our profit targets will be 2.30 and 2.10
Resistance: 2.75 / 2.80 / 3.00
Support: 2.40 / 2.30 / 2.00
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