Barclays Share Price: Rejection At 170p Could Spark Selloff

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Written By: Mohaimenul Jowarder

Reviewed By: Eno Eteng (MSTA)

Jul 23, 2021, 15:32 BST 15:32

Summary:

Barclays share price could face the prospect of a selloff if there is a rejection at the 170p price mark, according to our analysts.

The website of Barclays bank and several UK stocks experienced power outages on Friday. The situation forced Barclays share price to decline marginally, erasing earlier gains.

The bank’s stock is just coming off a heavy day of selling in which UK financial stocks were largely offered. The problems resulted from an issue with the Edge DNS service offered by Akamai, which is used by several banks. The outage, which lasted for about an hour, has been fixed.

Barclays Share Price Outlook

The corrective move on the Barclays share price daily chart is occurring within the context of the descending channel. The price is about to test the resistance at 170.34. Only a break of this resistance barrier and the channel’s upper boundary will allow Barclays share price to have a chance at attaining 177.34 (6 May and 5 July highs).

On the other hand, a rejection at 170.34 opens the door for sellers to force the price down to 161.62. A breakdown of this price support brings 155.04 into the picture, with the potential for a break at 147.48 and 141.06.

Barclays Share Price: Daily Chart

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Written By: Mohaimenul Jowarder

Reviewed By: Eno Eteng (MSTA)

Mohaimenul Jowarder is an active Forex trader since 2011, and has been a Forex analyst since 2013. Over the years, he has contributed to several Forex trading and investing sites including Investing.com and Seekingalpha.com. His analysis and trading style is defined with position trading and price action trading system. His in-depth analysis greatly helps traders to make decisions in complex market condition.