Party time approaching for Barclays shares?
With the festive season getting ever closer, independent analyst Alistair Strang is getting excited about prospects for the high street lender.
4th November 2024 07:16
It’s going to be nice going into the months ahead with Barclays (LSE:BARC) armed with some hope, rather than the white noise projected at investors since 2021.
The bank's share price is rapidly approaching a price level, where it can move from near-term pressures to big picture pressures.
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From our perspective, the share price needs to close above our next target level, now at 255p, as this should launch it into a zone where the Big Picture attraction can next be seen as coming from 290p with our secondary, if bettered, a visually believable 390p sometime in the future.
While such big jumps to target levels may sound a bit silly, when share prices make the transit to “Big Picture” influences, we’ve become quite used to these ‘why did that happen?’ level of price movements.
If things intend to go wrong, below 216p looks a bit troubling, allowing for reversal to 203p with secondary, if broken, at 187p, and carrying the risk of the share price once again being “parked” while awaiting the next excuse for party time. For the present, we’re fairly optimistic.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
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