Lloyds Banking Group
A similar setup is forming in shares of UK-based insurance firm Lloyds Banking Group (LYG). Like Apple, Lloyds is forming a bullish ascending triangle right now, with horizontal resistance around the $2.25 level and uptrending support acting as a sort of price floor for shares. Unlike Apple, this ascending triangle is forming at the bottom of what's been a major descent.
Still, the potential for a reversal makes this trade worth watching in this market.
Lloyds is getting smacked lower early in this morning's trading, the result of the colossal selloff that took place in European markets overnight. Still, shares are holding that support level for now, and the pattern remains valid as a result.The buy trigger on Lloyds comes on that breakout above $2.25. Momentum, as measured by a 14-day RSI, is confirming a bullish move in LYG. That said, I wouldn't recommend trying to anticipate the breakout in this stock; the high-probability trade doesn't happen until the breakout happens. Llyods shows up on a recent list of 12 Banks Slashing Jobs
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV