Barclays Share Price Remains Strong Ahead Of Earnings Report

Summary:
• Our Barclays share price forecast will remain bearish until the stock reclaims the 161p level, where lies its 200-day MA.

Barclays (LON: BARC) share price has been showing very volatile behavior for the past few months. The banking crisis in the US is the main reason behind this uncertainty. Nevertheless, after a major slump in March 2023, bank stocks in general, and Barclays in particular, have made a strong rebound.

On Wednesday, the benchmark of UK equities, the FTSE 100 index, lost 47 points. Despite weakness in the index, bank stocks were still up today. Barclays share price was trading at 153p after gaining 1.06% during today’s session. Shares of HSBC, NatWest Group, and Lloyds also posted similar gains.

Barclays Q1 Earnings Report Releases Tomorrow

The earnings report for the 1st quarter of 2023 will be released by Barclays tomorrow. According to the estimates, the bank’s earnings and revenue are expected to remain at 9.708p and £678 billion, respectively. As per the company-compiled consensus from 12 analysts, the bank’s quarterly profit is expected to remain in line with the same quarter of 2022. Barclays share price will most likely remain volatile until the release of the earnings report.

The British banking giant is expected to post a pretax profit of £2.231 billion in Q1 2023, as compared to £2.234 in the previous year. Similarly, the net attributable profit is expected to remain at £1.445 billion, which was £1.404 billion last year.

Barclays Share Price Forecast

Due to the release of the earnings report tomorrow, LON: BARC is expected to show volatility ahead of the announcement. However, after the release, I expect another retest of the 161p level. Due to the confluence of the range mid and 200 MA on the daily chart, this will be a very critical retest.

Rejection from this level will make Barclays share price forecast very bearish. In such an event, shares may drop to the range lows of 142p, which might act as a support. The market sentiment for the broader banking industry will play a key role in this regard.

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