Technical Analysis Snap: Lloyds results shrugged off by the market

5th Aug 2009 10:57

Lloyds results this morning, which came in far worse than analysts expected on the impairments side, have boosted the share price on the basis that the bad debts have probably peaked.An underlying loss of £4bn for the first half, slightly better than feared, with higher than expected impairment charges, jumping to £13.4bn, have largely been overlooked. As a consequence the share price will probably look to test the 100p level. The share price is now above the 200 day moving average, and has managed to clear the 85p area, and now needs to clear above 93.20p, the May highs. The next resistance will be around the psychologically important 100p level and then the January highs at 107.47p.The market should find some support around the 80p area and any break below that brings the trend line from the March lows into play.For periodic TA updates follow me on TwitterAlso read my Investors Guide to Technical Analysis and Level 2