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.
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