Barclays shares tipped to rise again after election pause
As UK voters prepare to to go the polls on Thursday, independent analyst Alistair Strang runs the charts for this high street lender.
1st July 2024 07:42
by Alistair Strang from Trends and Targets
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Barclays (LSE:BARC)' share price had been looking like it was limbering up to become useful, even closing marginally above our 217p level trigger price.
Unfortunately, the intrusion of a UK General Election effectively kyboshed any immediate hope, the share being consigned to a parking orbit until such time we know the winner.
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We still suspect the share price shall enter a recovery phase. At present, it looks like share price closure above 217p shall prove significant, kicking off a cycle to an initial 236p with our secondary, if bettered, at 251p and almost certain hesitation. But, overall, the potential of a visit to a longer-term 290p makes a lot of visual sense.
Our converse scenario, should things opt to go wrong, is that below 197p risks triggering reversals to an initial 189p with our secondary, if broken, calculating at 177p and a visual potential for a bounce.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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