Barclays Share Price Forecast: This Could Be The Last Chance For The Bulls

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Written By: Abdullah Sarwar

Nov 27, 2023, 18:41 GMT 18:41

Summary:

LON: BARC Outlook: Barclays share price needs to reclaim 142p soon or it might be too late as the stock is gaining acceptance below this level.

Barclays (LON: BARC) share price is knocking at a critical resistance and a rejection may lead to lower price levels in the coming days and weeks. This is the 142p resistance level which was previously a strong support level.

The shares of the British financial giant closed at 140.2p on Monday as the FTSE 100 index reflected a bearish sentiment in the market. The benchmark index in itself is at a key breakout point and is awaiting some bullish momentum.

Technical analysis of LON: BARC validates this cautious outlook as the price can be seen struggling to break above the above-mentioned resistance level. However, a breakout above this level might throw all the bearish theses out of the window.

LON: BARC Analysis

The chart above shows the price action of the bank stock in the 1D timeframe. Each candle encapsulates the price action for a whole trading day. The 142p level is the lowest point of the range from which the Barclays share price broke down in October. Only a reclaim of this level can flip the outlook bullish again.

This post was last modified on Nov 27, 2023, 18:41 GMT 18:41

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.