Lloyds Shares: Technical Indicators Turning Bearish

Lloyds Banking Group (LON: LLOY) shares are up 34% in the last 12 months, but the stock is facing growing headwinds, with a broad range of technical indicators pointing to a bearish-to-neutral outlook for the FTSE 100 lender as April draws to a close.

Trading at around 97.5p, the stock sits below its February 4 high of 114.6p, and momentum measures suggest the retreat may not yet be over.

The daily buy/sell signal has deteriorated, with the technical summary now reading as a sell across key timeframes, including the hourly, 4-hourly, and daily.

The picture painted by moving averages is equally cautious. Both short and long-term moving averages on the daily chart are issuing sell signals, according to TradingView data, with the long-term average sitting above the short-term average, a bearish crossover configuration.

Resistance levels are clearly defined, with overhead supply clustered around 105.2p, meaning any recovery rallies are likely to encounter selling pressure before those marks are cleared.

Oscillators are adding to the gloom, with momentum readings hovering in neutral-to-negative territory, suggesting the stock lacks the buying conviction needed to stage a meaningful reversal.

The MACD on the weekly timeframe is also in sell territory, reinforcing the broader downtrend. While pivot point support sits around 105.97p, bulls will need to reclaim that level convincingly to shift the technical narrative back in their favour.