#BrentCrude #Dax While counting down the days until a forthcoming anti-Covid jag (it’s Thursday at 9am), along with the prospect of a return to “normal”, we notice some of the retail banks appear to be anxiously shuffling their feet, perhaps also in anticipation of “normal” returning. Barclays is one such. In our last review three weeks ago, we’d suspected the share price could wither from 146p down to 126p. Indeed, it withered upon breaking below the trigger but has bounced, fairly convincingly, from 130p.
Does this imply hidden strength? We’re not entirely sure, fearing a “normal” future which somehow forgets the Brexit pandemic is also causing a degree of havoc. To be blunt, we’re uncertain whether the banks will be harmed or hammered, due to the lack of vaccine for Brexit.
In the case of Barclays, presently trading around 147p, the share price now requires exceed 151.5 to trigger something useful. In the event of moves next above this level, we hope for further price recovery toward an initial 160.5p. This is liable to become fairly important, taking the share level above Blue on the chart, the downtrend since it all hit the fan in February last year. Visually, this looks like a big deal, breaking above the Covid-19 downtrend and creating an official “Higher High”. The only thing left, requiring a justified investment in a party popper will be the share price actually closing a session above 156.5p.
A miracle like this, while giving a slight suggestion of some stutters at the 160 level, confirms our suspicion of hidden strength as a longer term trajectory toward 191p becomes easily believable.
To once again cause trouble, Barclays share price needs slip below Red (presently 134p) risking triggering reversals to an initial 128p with secondary a bottom, hopefully, down at 112p.
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