Clive_Lambert_MSTA

LLOY upside potential from here?

Long
LSE:LLOY   LLOYDS BANKING GROUP PLC ORD 10P
2206 views
50
LLOY is recovering nicely from last year's mauling but 40-43 was always going to be a tough area, as proved in November. 40 .79 was the high/failure back then but we are now above here and making bullish noises, getting back to levels last seen in March of last year. Resistance above is pretty sparse due to how quickly it dropped last year, suggesting that it could head back to levels like 48.50 and 54.50 without too much getting in the way.

Comments

I'm liking that gap up there!
100 coins
+1 Reply
@Macrodesiac, Exactly! "Gun for the gap", which is also a Fibonacci level.. Like the symmetry...
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what's the name of this resistance level indicator?
+2 Reply
@BitMango, Fibonacci retracements... There's magic in those "Golden" numbers!
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I would have to agree with you on this one. Take a look at BARC also, it has been strong recently (as have most brit banks) also and has passed back above Mar 20 levels with some daylight ahead.
+2 Reply
Very interesting tool you use here. Is it a distribution of density of accumulation areas?
+1 Reply
@gerard92bcn, Yes. "Volume at Price" effectively. Gives a good extra dimension...
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gerard92bcn Clive_Lambert_MSTA
@Clive_Lambert_MSTA, What do you think about using multiples of these distributions to forecast new resistance areas? For instance, let's say some asset has a large accumulation area around 2$, would it make sense to say potential resistances could be found at 4$, 6$, 8$ and so on?
+1 Reply
Hi, I have a question please.
Why set top Fib level at 73.555? I understand this is the highest point where the price has been, but would it not be more valid to set it at say, 66p area - to coincide with other high points. Still learning here.

Thank you.
+1 Reply
@nlh7388, I prefer to use absolute highs and/or lows for setting Fibonacci retrace levels. I don't think there are "hard and fast" rules but I definitely have a number of my own "rules" for where to draw Fibonacci and trend lines from...
+2 Reply
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