Barclays – Long term falling trend line breached

Daily chart chows –

Falling trend line has been breached, however,

RSI is close to being overbought, while money flow index is going nowhere

Hence, failure to take out 175.45 (March 8 high) could yield a pull back to falling trend line level of 165 and 160 (23.6% of July 2015 high – June 2016 low).

On a larger scheme of things, the stock appears on track to test 38.2% Fibo of 185.66 as long as the 23.6% Fibo support remains intact.


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