Can Barclays shares make a move above 200p?
Shares in the high street lender are trading at a 13-month high after a 14% rally in 2024 so far. Independent analyst Alistair Strang studies the charts for signs that further upside is possible.
18th March 2024 07:35
by Alistair Strang from Trends and Targets
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When we reviewed Barclays (LSE:BARC)three weeks ago, we proposed a scenario for a rise to 172.7p, a modest criteria and one which was fulfilled. While a rise from trigger to target of just 5.7p isn’t impressive, the share price has thankfully closed above 172.7p, opening the door hopefully for further price recovery.
The situation now looks like above 179.5p should next trigger share price movement to an initial 191.4p, along with a strong visual suggestion of some hesitation as this ambition matches the highs of 2023.
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Our secondary is a bit vague, thanks to the circled manipulation gap. Closure above 191p should move the share price into a region, where our secondary calculates at 201p, perhaps even 221p, assigning the share a position where some true long-term recovery looks possible.
We can hope!
The flip side of the coin is now at 150p, thanks to movement below such a level calculating with the potential of reversal to an initial 135p with secondary, if broken, at a painful bottom of 99p.
Visually, it’s unlikely but similar to my attempt to make Rice Bread, something can look okay, yet still turn out awful.
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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