Barclays for 28/08/2019

#GOLD #SP500 When we last reviewed Barclays (link) the share price appeared to be showing signs of escaping a path which led to 134p. Our naive optimism fell apart at the start of August as the price once again indulged in some miserable behaviour! Sometimes, paying attention to the trend is important.

As the cut-outs above show, Barclays share price paid considerable respect to the downtrend, for a week anyway. Then the market ensured the share rejoined the trend and headed down on a path to our 134p ambition, once again. Of course, if there is any real strength, the price should bounce before our target level, ie; now! At present, we calculate the price needs exceed 142p before any rebound dare be taken seriously. Such a movement calculates with an initial target of 145p with secondary, if bettered, at 148.5p. The secondary is critically important as closure beyond this point should make travel to 157p possible, along with relative safety above the historical RED uptrend.

Unfortunately, there is a PURPLE problem showing on the chart. Since 2011, Barclays share price has tended prefer spending time above the Purple line with each bonk against this horizontal trend providing reasonable recovery. During this year, repeated attempts at Purple exhibited weaker recovery and now, the share price has remained below this trend line for most of August. This is not behaviour which will cheer an optimist as it suggests 134p will probably be broken.

This being the case, further reversal down to 112p becomes probable, along with a doubtless short lived bounce. Secondary calculates at a bottom, finally and hopefully, at 78p. Generally we’d suggest advocating a FTSE100 share price almost halving from current as an absurd scenario. We suspect the threat of Brexit is nudging open the door marked profit – for those with any funds to take advantage, if prices drop to silly levels.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:41:42PM

BRENT

59.63

               

10:59:06PM

GOLD

1543.4

1525

1519.5

1511

1543

1545

1550

1562

1528

11:01:15PM

FTSE

7069.14

               

11:03:06PM

FRANCE

5364

               

11:05:29PM

GERMANY

11708

               

‘cess

11:07:04PM

US500

2869.17

2854

2822.5

2784

2887

2900

2913.5

2947

2860

11:08:58PM

DOW

25794

               

11:10:41PM

NASDAQ

7563.3

               

11:13:22PM

JAPAN

20441

               

27/08/2019 FTSE Closed at 7089 points. Change of -0.07%. Total value traded through LSE was: £ 7,696,037,193 a change of 68.88%

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