My fears for Barclays shares
A recent move appeared to open the door for great things in the future, but there's a fly in the ointment. Independent analyst Alistair Strang explains his latest findings.
25th September 2023 07:37
by Alistair Strang from Trends and Targets
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For Barclays (LSE:BARC), their share price movements remain open to some sniffs of distain. When we reviewed the share three weeks ago, we’d given an initial gain target at 160p, something achieved recently.
In fact, on the day of the initial surge to target, their share price closed at 160.08p, and by such a massive 8/100ths of a penny, it was seen to be exceeding our initial ambition, opening the door for great things in the future. We rarely feel confidence from such tiny signals as they often feel like they fall into the “a stopped clock is right twice a day” category of analysis.
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However, if we pretend undying optimism, it’s now the case where movement exceeding 163.18p should next make an attempt at 175p with secondary, if exceeded, now calculating at 185p. We’re not terribly impressed with current price movements as they lack real confidence.
Should a slowdown be on the cards, below 153.7p risks triggering reversal to an initial 152p with secondary, if broken, down at 150p and hopefully a bounce.
Visually, our fear is of a protracted “walk” down the Blue trend line on the chart until sufficient set of circumstances are discovered to allow Barclays to make a future attempt to show some gains.
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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