Waiting for something to happen to Barclays shares
This high street bank broke out of a long-term downtrend at the start of this year, but the past month or so has been less profitable. Independent analyst Alistair Strang checks his charts for signs of optimism.
23rd September 2024 07:20
by Alistair Strang from Trends and Targets
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Since the start of August, it has been more interesting watching leaves falling here in Argyll than reviewing Barclays (LSE:BARC) share price movements. Perhaps the oncoming budget shall dangle some reason for optimism.
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Maybe it shall prove to be the case that Barclays shall continue to march on the spot while we await October, but now below 214p risks triggering reversals to an initial 196p and perhaps a rebound. Should such a level break, our secondary works out at 181p. The visuals don’t hold out any great hope for a bounce at such a level.
Of course, we could be surprised and feel the 232p level should perhaps be expected to prove capable of giving a trigger for recovery. Closure above such a level calculates with the potential of a lift to an initial 261p with our secondary, if bettered, at a more impressive 305p.
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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