Barclays shares drop below downtrend again
A volatile period for the high street bank continues, with another share price rally unwinding. Independent analyst Alistair Strang issues a new forecast.
15th January 2024 07:38
by Alistair Strang from Trends and Targets
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Barclays (LSE:BARC) shares have once again retreated below a prior downtrend. This is rarely a comfortable signal, creating a scenario where below 144.5p should possibly make an attempt at 141p with our secondary, if broken, a very possible bottom price level at 136.3p.
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While our calculations do point to the strong potential of a bounce at 136p level, should such a level break, the danger is for an ongoing weakness cycle down to an eventual 99p. Unfortunately, the visuals on the chart make such a prospect fairly sensible, given prior history.
If Barclays intends to make a serious effort to improve their share price, now above 157.5p shall be viewed as extremely significant, calculating with the potential of a lift to an initial 168p with our secondary, if bettered, at 181p.
Unfortunately, for now, we regard the share price as heading to 136.3p.
Source: Trends and Targets. Past performance is not a guide to future performance.
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