This was also our conclusion the other day, when \nreviewing Lloyds Group and there’s nothing about Barclays suggesting it shall \nprove different.<\/p>\n\n\n\n
At present, the downtrend since June 2007, shown as \nBLUE on each chart, is at 168.49p. Normal rules demand a price close above this \nlevel before enthusiastically hoping for better times ahead. Barclays currently \nexhibits some indication for a rise as theoretically, now above 165p is supposed \nto bring recovery to an initial 170.75p. Movement such as this would give every \nhope the price shall close above the long term downtrend but the fly in the \nointment – similar to Lloyds – is the presence of a “glass ceiling in waiting” \naround the 170p level, shown on the lower chart.<\/p>\n\n\n\n
Visually, this creates a suspicion that, even with a \ntrend break, Barclays intends oscillate between the 170p level and the 155p \nlevel until something resolves Brexit issues. Only with closure above the \n170.75p level will we dare succumb to hope, giving an initial 180p ambition with \nsecondary, if bettered, of 192p. Or more probably beyond.<\/p>\n\n\n\n
Until such time the share price manages a solid \nmovement, while it languishes below BLUE there’s the threat of weakness below \n159p driving the price down to 150.5p. Extreme danger is possible with trades \nbelow the 150p level, due to “bottom” calculating at 136p.<\/p>\n\n\n\n
In the event anything interesting happens, we should \nrevisit the retails banks and refresh our Big Picture perspective, sometime in \nJune.<\/p>\n\n\n\n Time Issued<\/font><\/TD> Market<\/font><\/TD> Price At Issue<\/font><\/TD> Short Entry<\/font><\/TD> Fast Exit<\/font><\/TD> Slow Exit<\/font><\/TD> Stop<\/font><\/TD> Long Entry<\/font><\/TD> Fast Exit<\/font><\/TD> Slow Exit<\/font><\/TD> Stop<\/font><\/TD> ![\"\"\/](\"http:\/\/www.trendsandtargets.com\/img\/barc300419.jpg\")
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