Barclays PLC - BARC.L - Weekly, inverted Head & Shoulders.I have had BARC in my sights for a few months now and it is starting to pick-up. Will continue to see what happens from next week but we could see a bottom here.
BCY trade ideas
Barclays PLC outlookPattern – Falling trend line intact, possible inverse head and shoulder formation ahead
Support – 159.35, 152.70, 148.25
Resistance – 162.63 (50-DMA) 177.55 (10-DMA + falling trend line), 183-185 (possible inverse H&S neckline
Again, failure to take out falling trend line resistance if followed by a daily close below 50-DMA would add credence to the bearish move and expose support range of 152-148.
Traders need to watch out for a possible rebound either off 50-DMA or from the support zone of 152.48 as that would increase odds of an inverse head and shoulder formation with neckline at 183-185 levels.
On the other hand, a break below 148.25 would negate the possibility of Inv. H&S formation and increase odds of a drift lower to 143.95.
Barclays - Barc.lShort - Following the Multi-year Trendline support Break ..... in November 2015. I am short from 233,00 as called live in our Trading Pit with Assad Tannous... Adding the 'Analysis' to my Profile now as I am at the desk, with a few spare minutes..... Since Shorting @ 233. I have taken 1/2 of my initial position off of the table and tightened stop.... remaining 1/2 size letting run #Runyourprofits.
BCS stuck in downward channel. FX probe doesn't help.Barclays and other world banks are currently battling a probe regarding their manipulation in the forex markets. Unlike other banks, Barclays has refused to settle and wishes to battle it out. This could have long term negative implications for Barclays. The loss of a license would be a painful disaster.
Technical:
Barclays has been stuck in a long established downward channel for over a year now. The stochastic indicator has been behaving in a very sinusoidal manner and the recent sell signal in the stochastic indicator suggests we are headed back to the resistance line. Wait for a cross in the 10 Day EMA and the 21 Day EMA for a more reliable confirmation. My low price target is $13.10. My highest price target is $14.86-$15.26.
Depending on your styleThere are oportunities to be made with this triangle pattern. I will buy some stock right now until the stock hits $19.00 and sell it again. I expect the stock to break i don't trust Aroon as the stock is more close to it's 52wk high than low. Wait and see. I wil edit this one again in the future to see what was the response.
