Barclays Share Price Down Slightly As Investors Digest New MD Appointments

Summary:

Barclays share price is slightly lower this Wednesday, as investors show no sentiment change in response to new MD appointments.

The Barclays share price is trading lower on the day, following a mild recovery on Tuesday. This Wednesday, most of the headlines around the UK bank are focusing on the new sponsorship deal signed with the Women’s Super League and the 2nd tier of English Women’s Football.

The deal represents a 100% increase over its 2019 investment and will last till 2025. The amount to be invested is roughly 30 million pounds ($40m) and is said to be a record investment into women’s football.

Off the field, investors are digesting the recently released list of the bank’s 85 Managing Directors, with a strong leaning towards global markets and investment banking. The list did not produce a sentimental shift to impact Barclays share price significant;y. Today’s 0.58% drop is relatively modest compared with Monday’s 2.39% decline, which was in response to the UK health minister’s Omicron warnings that put off bets of a Bank of England rate hike.

The Barclays share price is approaching support at 177.34. If this support gives way, a move towards 170,34 becomes more likely. 161.62 and 155.04 are additional targets to the south which appear distant at the moment.

On the other hand, a bounce on the 177.34 support allows the price action to test the channel’s upper border, but not before challenging resistance at 186.14. If these barriers give way, 191.52 becomes an additional target. A break of this level and a move towards 202.70 will contend with a potential pitstop at 195.00 (5 October and 22 November lows).