The FTSE 100 Index is hovering near its all-time high as investors wait for the upcoming earnings season. It was trading at £8,926 on Wednesday, down from the year-to-date high of £9,01.
This article provides forecasts for some of the most popular FTSE 100 shares, including Lloyds, Vodafone, BP, and Haleon, with a primary focus on technical analysis.
Lloyds share price analysis
- Sentiment: Bullish
- Price target: 79p
- Earnings date: July 24
The daily timeframe chart shows that the LLOY share price peaked at 79p in May and then pulled back to the current 76.40p. It remains much higher than the year-to-date low of 50.6p.
Lloyds stock remains above the 50-day moving average, a sign that the bullish trend is still intact. Most importantly, it has formed a bullish flag pattern, a highly positive pattern.
This pattern comprises of a vertical line and a consolidation or a falling channel. Therefore, the most likely scenario is where it rebounds and hits the year-to-date high of 79p. A break above that level will raise the odds of the stock jumping to 85p.
Read more: Lloyds share price forecast: here’s why LLOY may surge soon
Vodafone share price forecast
- Sentiment: Bullish
- Price target: 88.5p
- Earnings date: July 24
Vodafone stock price has embarked on a strong rally this year, moving from a low of 60p in April to 82p today. Technicals suggest that the stock has more upside in the coming months as the company integrates with UK’s Three and executes a strategy to revive the German business.
The stock has remained above the 50-day and 100-day Exponential Moving Averages. Most importantly, it formed a cup-and-handle pattern, a common continuation sign. This pattern comprises of a rounded bottom whose lower side is at 60p and a resistance at 75.45p, giving it a depth of approximately 17%.
Measuring the same distance from the cup’s upper side gives the target price at 88.45p, which is about 8.10% above the current level. The alternative scenario is where the Vodafone stock price falls and retests the cup’s upper side at 75.45p, and then resumes the uptrend.
Read more: Here’s why the Vodafone share price is in a bull run
BP share price analysis
- Sentiment: Neutral
- Price target: 380p
- Earnings date: August 5
BP share price has trailed behind other oil and gas companies in the past few years. This performance stems from the Deepwater Horizon spill that has cost it billions of dollars.
BP stock price has bounced back from the year-to-date low of 324p in April to nearly 400p. This rebound is partly because crude oil price has remained above $60 this year.
BP stock has also benefited from its status as an acquisition target. Just recently, Shell denied claims that it wanted to acquire BP.
BP share price has rebounded and moved above the 50-day moving average. However, it has also formed a giant bearish flag pattern, pointing to an eventual breakdown. The immediate target for the stock is the lower side of the ascending channel at 380p.
Haleon stock price analysis
- Sentiment: Bearish
- Price target: 350p.
- Earnings: July 31
Haleon share price has been in a strong downtrend in the past few months. It has slumped from the year-to-date high of 420p to 360p today. It recently plunged below the key support at 395p, the highest point on September 19.
The stock has formed a mini-death cross pattern as the 50-day and 100-day moving averages have crossed each other. The path of the least resistance for the stock is bearish, with the next point to watch being at 350p, the lowest point in May.
Other top FTSE 100 shares to watch
Some of the other top FTSE 100 shares to focus on are BAE Systems, Rolls-Royce, BT Group, Aviva, and Legal and General.
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