Never recovered from 2008 crisis, fake money has just delayed the inevitable, Wants to go lower, 4th retest of 140p-150p, each test gets a weaker reaction until support breaks, good buy opportunity at 80p, although widespread panic will be flooding the market at this point and price could go much closer to zero , Barc won't be allowed to fail or its the end,...
Barclays has presented a nice long opportunity.
Bullish candles appearing on the 4hr trend line and decent support from the previous runs higher.
BOE Interest Rate announcement today will impact bank sentiment, but not expecting any significant moves lower.
Daily chart - Breach of the rising trend line (drawn from June low and September low) adds credence to the round top pattern and bearish breakdown on the RSI.
A daily close below 219.10 (Jan 31 low) would be an icing on the cake. Doors would be opened then for a sell-off to 200.00 levels.
Barclays is one of the volume leaders today. The stock appears priced for a correction –
Bearish price RSI divergence on the 4-hour chart
Overbought on the daily chart
Stuck at weekly 100-MA
Thus, a minor pull back to 200 from the current price of 2111 appears likely.
The chart speaks for itself, we have a very clear downtrend here, after breaking below the key earning levels above after the 'Brexit' induced volatility spike. We can enter shorts for continuation here, and look for prices around the 70 handle, without being overly optimistic (or pessimistic on European banks).
Price has to stay under today's high for this setup...
We have to keep instruments like this under a close eye over the coming week. Although a lot of indicators and paterns pointing to a breakout, it is clear that Brexit worries are keeping it down for now. I expect it to be a flat week until Thursday evening/Friday Morning of the 24th. Neautral
But I like the repeating Head & Shoulders bottoming patterns!