UK banks outperformed the benchmark for UK shares during the rout in global stock markets that began in October. UK bank share prices are down over the past two months, but by less than the FTSE 100 index.
Positive expectations for stress test results have played a role in limiting the damage to UK bank shares.
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...
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...