Can Barclays shares extend impressive rally?
With shares in the high street lender now trading at prices rarely seen in the past six years, independent analyst Alistair Strang reveals what might happen next.
29th April 2024 09:06
by Alistair Strang from Trends and Targets
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Barclays' share price has exceeded its price level prior to the pandemic reversal but, more importantly, it is doing it above a Blue downtrend which dates back to 2007.
Impressively, the share price has continued to accelerate despite a 25% drop in profits in Q1 of this year.
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The immediate situation for Barclays (LSE:BARC) remains quite flamboyant, as movement continuing above 207p now calculates with the potential of a lift to 210p next with our secondary, if bettered, now at a significant 221p.
This secondary should prove important as it affords the bank's share price the opportunity to close a session above its high from 2022 of 219p. From our perspective, this shall be viewed as quite a bit deal, confirming the share price is existing in a zone where a long-term attraction calculates as coming from a distant looking 291p.
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Should Barclays somehow discover a banana skin to slip on, below 188p risks providing the first real early warning signal as this risks pushing reversal down to an initial 173p with our secondary, if broken, a substantially less likely visit to 148p.
For now, we remain optimistic over the future for Barclays.
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.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
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