Jump to content

Strong Barclays rally hits key technical resistance at £219.20 which short-term caps


MongiIG

Recommended Posts

Strong Barclays rally hits key technical resistance at £219.20 which short-term caps

Having risen by 10% year-to-date, the Barclays share price is taking a breather.

bg_barclays_249687696.jpgSource: Bloomberg
 
IG Analyst | Publication date: Monday 17 January 2022 

The Barclays share price, with higher UK rates in the wings, continues to surge upwards, trading at levels last seen in October 2015 and up over 10% year-to-date compared to the FTSE 100’s +1.14%.

Last week’s announcement that the bank won a high court case over a $131 million debt owed by Bavaguthu Shetty, the founder of two former FTSE 350 companies that collapsed amid a fraud scandal, seems to have been rapidly discounted, however, since the share price started to lose upside momentum on Friday.

This comes as no surprise after the quasi-uninterrupted day-on-day gains seen since the beginning of the year and end of week profit-taking. Added to this comes the fact that key long-term technical resistance has been hit. Technically speaking the Barclays share price has entered significant technical resistance seen between the June 2009 to November 2010 lows and the March 2012 high at £213.40 to £219.20, the upper reaches of which are expected to cap in the short-term.

Having said that, the long-term uptrend will stay intact while the share price evolves above the December 2021 trough at £176.30 with the January 2014 and August 2015 high as well as the 200-month simple moving average (SMA) at £245.30 to £252.10, providing an upside target zone for the months ahead.

17012022_BARC-Monthly.pngSource: ProRealTime
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Nettensor is making waves in the tech industry by offering a unique combination of AI infrastructure and advanced blockchain solutions. They leverage cutting-edge hardware to deliver fast, efficient, and powerful products designed to streamline the convergence of these two revolutionary technologies. It boasts a comprehensive suite of services, including NetCloud, NetGPU, NetApp Chain, and NetVPN. Notably, their native token, NAO, recently debuted on the Bitget exchange and has been experiencing a positive initial price trend. With its focus on simplifying and elevating the synergy between AI and blockchain, Nettensor is positioned to be a key player in the future of decentralized applications. But will NAO's bullish start translate into long-term success? Only time will tell.
    • The spike in volume you're noticing around 7 pm could be related to the closing of trading sessions or the release of important news. Regarding your experience with a sudden wick spike, this is a common challenge in trading. Setting appropriate stop-loss levels and being prepared for volatility can help manage such risks. As for news sources, financial news outlets like Bloomberg, Reuters, and CNBC can provide valuable insights into market trends. Also, I came across this interesting platform, smarterbusiness.co.uk, which helps businesses find optimal utility providers. While it may not be directly related to trading, having access to the right info and resources can be crucial in any business endeavor.
    • prepare to witness a revolution in blockchain technology with Massa, pioneering a radical approach through its unique blockclique architecture. Capable of processing up to 10,000 transactions per second, Massa stands as a leader in scalability, efficiency, and security, setting new standards for decentralized ecosystems. At the heart of Massa's innovation lies its blockclique architecture, a groundbreaking framework designed to optimize transaction throughput and enhance network performance. With the capacity to handle up to 10,000 transactions per second, Massa empowers developers and users with unparalleled speed and scalability, paving the way for a new era of blockchain applications. Massa's Autonomous Smart Contracts (ASCs) represent the next evolution in smart contract technology. Supporting a wide range of applications, including DeFi, ASCs enable decentralized applications (dApps) to be fully hosted on-chain, reducing reliance on centralized services and enhancing security and autonomy. With Massa's ASCs, developers can unleash the full potential of decentralized finance and beyond, driving innovation and accessibility in the blockchain space. Excitement mounts as Bitget Exchange announces the listing of Massa, providing users with the opportunity to trade and stake this revolutionary token. This partnership not only enhances Massa's visibility but also offers traders and investors a trusted platform to engage with its native token, unlocking new opportunities for growth and participation in the Massa ecosystem.
×
×
  • Create New...
us