Lloyds Banking Group price analysis: LLOY may weaken further in the current consolidation

PUBLISHED: 06 Jul 2020 @ 05:27 | Comments (0) | More info about Azeez Mustapha

Lloyds Banking Group shares (LSE:LLOY) are currently moving sideways in a serious consolidation, and an expected breakout will favor bears when it does occur.

From February to April 2020, price dropped massively, and it has been consolidating since then. Right now, price is closer to the lower Trendline and it may break it to the downside.

The RSI period 14 is below the level 50, and it may go towards the levels 40 and 30 within the next several weeks. By this time, it could be well below the lower Trendline, and that would mean a strong bearish signal.

The outlook on LLOY is bearish and the targets are accumulation territories at 30.00, 25.00 and 20.00.

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