Tech: Lloyds Banking Group plc, Barclays plc shares locked in positive technical setup
- Details
- Category: Exchange Rates
- Published on Wednesday, 02 January 2013 12:41
- Written by Will Peters
Technicals: Lloyds Banking Group plc (LON:LLOY) and Barclays plc (LON:BARC) shares are sharply higher today in line with a euphoric global market place.
Looking at the technical setup behind these two popular retail stocks we note further gains are likely.
A note from Trading Central, the technical trading specialists, advises that the upside for LLOY is likely to remain entrenched as long as 46.5 is support.
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"The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day MA," say Trading Central.
Lloyds Banking Group stock is seen 4.19 pct up at 49.92 at 12:30 in London.
Barclays is also favoured to extend recent up-moves should 250.5 remain as support:
"The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day MA."
Barclays is 4.8 pct higher at 275.
'Immense' New Year relief rally
The FTSE 100 has today broken through the 6000 mark - levels not seen since 2011.
According to Ishaq Siddiqi an "immense New Year relief rally for global financial markets," has occurred following the passage of a bill in the US to avert the full force of the fiscal cliff.
"2013 has kicked off with a bang with bulls in full control of price-action – the risk rally sees all your traditional investments in vogue [stocks EUROSTOXX making 16-month high, euro, commodities, peripheral bond yields, banks, miners et al] while core government bonds and US Treasury’s take a beating," says Siddiqi.
Traders are piling in on the encouraging news that the US economy did not fall off the cliff BUT it certainly is standing on the edge still.
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