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Neighbour: Banking on Lloyds momentum

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November 21, 2014 banking, banking stocks, equities, equity, equity market, equity markets, equity strategy, equity trading, joe neighbour, joe neighbour central markets, lloyds, lloyds bank, lloyds group, llyods banking, saxo, saxo bank, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo tv, saxo tv saxo bank, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxotv, shares, shares prices, stock, stock market, stock markets, stock trading, stocks, trade idea, traders tale, trading, tradingfloor, tradingfloor.com
Today Technical Analyst Joe Neighbour is looking at buying Lloyds Banking Group shares. Joe explains that the stock has broken out of a range which had been in place since July. Yesterday a small pullback closed the gap created on Wednesday, that move has pushed the price up towards 79 pence.
According to Joe the relative ratio is looking very strong, in terms of the share price vs the FTSE 100 is looking constructive. The break- out from the range suggests an upside target around 84 pence and yesterday’s close at 78 pence shows some upside potential over the medium term. Joe is Looking to place his stop loss at around 75 pence.