- Summary:
- Barclays Share Price Forecast: LON: BARC can drop below 100p if the price gains acceptance below its 130p support level.
Barclays (LON: BARC) share price has wiped off its yearly gains amid the ongoing banking crisis. After a small bounce, shares of major UK banks are tumbling once again as the downtrend in FTSE 100 intensifies. During today’s trading session, FTSE 100 index fell by 149 points and was trading at 7,349 till press time.
On Friday, Barclays share price UK tanked very hard and lost 6.73% in the initial few hours of trading. At the time of writing, the shares are trading at 130.7p, which is just a few points above its recent YTD lows.
Barclays Announces To Close 55 Branches In 2023
According to the latest Barclays news, the bank has announced the closure of another 14 branches in the UK. These include eleven sites in England, two in Whales, and one in Scotland. This, together with the already announced closure of 41 sites, puts the total number of branches closing down this year at 55. The closures of branches across the nation could also be a reason behind the reason slump in Barclays share price.
It is also worth mentioning that Barclays is not the only UK bank shutting down its branches, NatWest and Lloyds banking groups have also announced similar measures. Lloyds Banking Group is axing 40 Lloyds and Halifax branches across the nation this year. Similarly, NatWest will be reducing its number of branches by 23.
Barclays Share Price Must Hold 128p
The chart of Barclays (LON: BARC) shares shows a very volatile price action in the past few months. The shares started the year strong by soaring by 21% during the first few weeks of the year. In February, the price hit its YTD high of 193p and reversed after a failure to reclaim the range highs. As evident from the chart, there seems to be a strong selling pressure above 178p.
Barclays started this week after dropping to its lowest level in 13 months. The share had a small bounce but now tanking once again. Barclays share price forecast will flip very bullish if the price gets acceptance below 130p. This is the last support level before the price dips below 100p.
