Lloyds Trading the Chart Thread

Erogoneous Jones - I hope you will be well rewarded with your trade. I am somewhat disappointed with my early exit from the recent rally but still banked a reasonable profit on the trades and will be back in when the indicators look more favourable - as you say the price may not necessarily subside but that is always the hope from this position. All the TA indicators on the chart suggest a correction and now there is almost a shooting star/gravestone doji candle formation:


grantmi mentioned the Lloyds Christmas rally and traded it rather well I think exiting around mid 450's. Unfortunately, looking at my trading history I largely missed last year as well selling all my holding at 433p in early December 03, I then re-entered back into Lloyds at 409p at the end of March 04. Seems I have made the same mistake this year - selling too early, the main question is - will it return to the low 400's over the next 3 months?

Note: In future be very cautious selling into strength in December, remember Lloyds Christmas rally :-)

For information I have the following lines of support from the Fib analysis and some trend channels
Hopefully by clicking on the link below you should be given the opportunity to download the chart:


If not:
0% Current high 472.8p (resistance)
23.6% retarcement and line of support 459.08, this also coincides with the top of my longterm rising trend channel
38.2% retracement and line of support 450.6
50% retarcement and line of support 443.75 (coincides roughly with the short term rising line of support if the price gets this low, failure here may signal low 420' to the longterm rising line of support.)
61.8% retracement and line of support 436.1 (the level I am hoping for in the short term but not overly confident of achieving)
100% retarcement 4147%

Now for those on the sidelines it is a waiting game.

All the best, happy investing and a happy new year.
Chrisjg