TipTVFinance

Barclays PLC outlook

LSE:BARC   BARCLAYS PLC ORD 25P
Pattern – Falling trend line intact, possible inverse head and shoulder formation ahead

Support – 159.35, 152.70, 148.25

Resistance – 162.63 (50-DMA) 177.55 (10-DMA + falling trend line ), 183-185 (possible inverse H&S neckline

  • Again, failure to take out falling trend line resistance if followed by a daily close below 50-DMA would add credence to the bearish move and expose support range of 152-148.
  • Traders need to watch out for a possible rebound either off 50-DMA or from the support zone of 152.48 as that would increase odds of an inverse head and shoulder formation with neckline at 183-185 levels.
  • On the other hand, a break below 148.25 would negate the possibility of Inv. H&S formation and increase odds of a drift lower to 143.95.
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