Barclays (BARC LN)

Barclays ( BARC LN) – recently Co.’s shares have taken a hit after Trump gains ground in the election polls. Yesterday shares received a lift after UK courts decided that MP’s must be involved in the invoking of article 50. This led financial names and GBP to rally as a soft Brexit may be the outcome. Taking a look at the chart we are in a technical downtrend on the D1, but on the lover timeframes we are clearly making higher highs and higher lows. In terms of the RSI on the D1 chart we are still in positive territory, albeit mildly so. On the hourly chart we are seeing a bullish failure swing develop which suggests we are slightly stretched short term. We are slightly above the relative value area on the H1 chart which does suggest after a mild retracement we could see prices move back to the 170-172 area, but the 180.53 support zone would confirm a break lower as the first lower high and lower low would be confirmed.

R3 192.99
R2 downtrend line above current price
R1 187.065
Current 180.65
S1 179.73
S2 177.04
S3 174.81
S4 161.09
Kind regards

Rajan Dhall MSTA

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