Barclays (LON: BARC) share price is finally showing some recovery after an intense sell-off in August. The shares of the investment giant are currently up 3.29% from the monthly lows. The bounce can be attributed to the shift in market sentiment since last week.
On Tuesday, UK shares opened after a long weekend. The benchmark FTSE 100 index extended its gains after a strong rebound last week. Till press time, the benchmark index was up by 98 points. Barclays shares were also up 2.57% today as the bank stocks showed a significant recovery.
As per the latest news, Barclays has hired an ex-Goldman Sachs employee, Emma Taylor, as its Global Head of Internet Investment Banking. Taylor brings more than 20 years of experience in investment banking and will report to Barclays Global Head of Technology Investment Banking, Kristin Roth DeClark.
The high interest rates in the country have increased the operating profits of UK banks. However, the increased cost of borrowing and high mortgage rates have started to offset the effects. As a result, Barclays shares are down 23% from their yearly peak.
Technical analysis of the LON: BARC chart on a higher timeframe reveals a prolonged price action within the 140p-178p trading range. In my previous forecasts, I have repeatedly predicted a retest of the range lows. The recent bounce came from 143p.
My Barclays share price forecast will only flip bullish if the price breaks above the middle of the trading range, i.e., 158p. As long as the shares trade below this level, a retest of the range lows will remain on the cards.
In the meantime, I’ll keep sharing the updated Barclays stock forecast and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on %s = human-readable time difference 11:34