Are Barclays shares safe above this uptrend?
28th November 2022 07:27
by Alistair Strang from Trends and Targets
Its share price is up 17% since mid-October and has triggered what could be another upward move. Independent analyst Alistair Strang has the latest.
Three weeks ago when we covered Barclays (LSE:BARC), our first criteria was a scenario where above 155p should trigger movement to 160p initially. The last week saw this ambition attained, their share price reaching a magnificent 160.22p twice!
Our inclination is to take some hope from two directions.
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By a spiteful 0.22p, the price did exceed our initial target, creating a situation where above 160.22p should provoke an initial 169p with our longer term secondary, should this level be exceeded, now calculating at 187p.
Additionally, there’s the behaviour of the share price since it regained the Red uptrend since the pandemic crash of 2020.
As the chart inset highlights, the market is taking extraordinary lengths to maintain Barclays' share price in comparative safety above the trend, generally a pretty confident signal for the future.
Their share price would require a slip below 148p to give the first signal of real trouble ahead, threatening an initial 138p with secondary, if broken, a less confident looking 128p. Goodness knows why the reversal projection is in 10p increments.
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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