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#Brent #WallSt Three weeks ago, we presented an amazingly accurate article about Barclays. Unfortunately, it was only amazing to ourselves as absolutely none of the predictions triggered, Barclays share price remaining delicately below our 493p trigger level as the value virtually flatlined for three weeks. Perhaps the UK central bank shall provide excuse for movement this Thursday but we’re starting to have doubts, due to the recent damaging lack of movement from the US Fed Reserve. Traditionally, the Bank of England embraces any excuse to avoid doing anything to benefit the country, unquestioned by complicit UK politicians.<\/p>\n
If we were to bundle together our favourite hobbyhorses, Interest Rate manipulation would be high, closely followed by political incompetence. Though perhaps the weather here in Argyll deserves a serious rank, if only due to the absolute inability of ANY forecasting service to guess what’s really going to happen. All it ever does is rain a lot, except when it is freezing. And sometimes, it’s rather windy too.<\/p>\n
However, it’s worth – we think – paying attention to a pretty strong signal exhibited by Barclays, shown on the zoomed in chart extract below. Last year in October, the market opted to Gap Barclays share price above a Blue downtrend. This line from 2007 clearly has inherited some gravitas, the market not only moving the share price above the trend but giving it a little kiss to “back-test the trend” a month later. Quite why this ritual was completed utterly defeats us, especially due to our solid belief Barclays share price now needs close below 389p, the level of trend break, to deserve any real excuse for panic.<\/p>\n
It is now the case where, from a Big Picture perspective, we can ask Barclays to trade above 505p to trigger happy days coming, currently calculating with the potential of gains to an initial 537p with our secondary, if beaten, at 599p and some potential hesitation. But overall, share price closure above 505p shall permit us to dream of a future 692p as exerting as much influence as Epstein’s emails are sprinkling across the moral compass of some of the rich and famous.<\/p>\n
Should things intend go a little bit wrong, below 468 suggests imminent reversals to an initial 452p with our secondary, if broken, at 441p and a potential bounce.<\/p>\n
In the case of Barclays, we suspect our reversal scenario shall be favoured.<\/p>\n
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