Categories
Financials

Lloyds Banking Group (LYG) : Double Bottom with Ichimoku cros

Yesterday, I saw a news on LYG highlighting that it may offload some of its property assets into a REIT.

What follows was a study of the Ichimoku chart below :

1. From the chart, I saw a possible double bottom forming.

2. LYG has been consolidating within this December last year. And with that the kumo resistance hanging above it is substantially weakended (<< look at the leading kumo which is very thin..suggesting weak resistance)

3. LYG has a ‘weak’ bullish cross wit Tenkan sen crossing the Kijun sen a couple of days back.

4. Chikou Span has also cut through the price level

5. Key resistance level is 3.88; the level where it gaps down to.

6. Volume seems to be pretty high also (vs period before it gaps down …eg. Oct , Nov 2009)

2 replies on “Lloyds Banking Group (LYG) : Double Bottom with Ichimoku cros”

The doubt I have is whether ADRs make good chart reading. Most ADR charts I’ve seen are too gappy for my comfort.

Comments are closed.