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Lloyds TSB......85p level is the key to the equation

Posted by Aadil on November 18, 2009 at 11:29am

Argument for rise Stock market is strong and it will keep rising especially after the breach of 5300 Bull flag on a weekly chart, higher highs and higher lows The 50 MA is acting as support 61.8% retracement held from prev low to high > 85p and it holds then next level is downward sloping trend line and horizontal trend line resistance in the region of 103p - 112 p Argument for a fall Stock market very top heavy and due a pull back inside bar on a weekly chart with 96p being the upper body of the candle It has broken out of the parallel channel, support now equals resistance < 85p and it breakdown is confirmed then next target is 62p and possibly even 30p again
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Comments

  • JamieD November 18, 2009 at 2:10pm
    I did, bought big - CDF's, but have since proceeded to give it back! dam it.
    Its all down to self disipline with me, i have none thats the problem LOL
  • Aadil November 18, 2009 at 2:03pm
    Yes I wish I had too SabrTT.....good to see you hear my friend
  • Sabre TT November 18, 2009 at 1:53pm
    Wow I dont remember lloyds going to 29p I would have bought some
  • JamieD November 18, 2009 at 11:41am
    Thanks for that WS, adding fundimantals to the mix, rights issue given the go ahead, out of Asset protection, EU to anounce sometime today it is happy with the disposals LLOY have offered for state aid (inconsiquetial disposals).

    We are approching the cut off day for rigths issue, and I'm expecting a rise on the uptake of postions to participate inthe RI.

    I'm hoping to be out of this trade in a week, if not earlier, target is 95.25

    Thanks again for that WS
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