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Zak Mir; Bullish on banks – LLOY, RBS & BARC

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By Zak Mir.

Lloyds Banking (LLOY):

  • Persistent break to the upside following April / May bear trap from below 50p
  • Rising trend channel from April based at current 50 day moving average level of 74p.
  • October bear trap rebound should deliver fresh near term gains
  • Favoured upside of 85p plus near term at the top of the 6 month price channel as soon as the end of November.

RBS (RBS):

  • Wide 2013 rising trend channel
  • Golden cross buy signal between 50 day and 200 day moving averages in August providing momentum
  • Implied target towards 480p as best case scenario for the end of 2013
  • Price channel support towards 349p / 50 day moving average

Barclays (BARC):

  • Momentum building after post rights issue basing, floor towards 360p.
  •  Likely acceleration to the upside in the wake of weekly close above 200 day moving average rising at 376p.
  • Stop loss zone back below the 50 day moving average at 269p.
  • Upside seen towards 2012 price channel top and 330p plus as an end of year target.

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