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Barclays stock price is pressing towards the 200.00 level as banking stocks inside the FTSE100 are being lifted by the United Kingdom coming out of lockdown this week, with many restaurants and shops reopening, giving the UK economy a much-needed boost.
Drama surrounded Barclays stock price earlier this week as a so-called “fat finger trader” caused a massive £4 billion to be wiped off the total market capitalization of the United Kingdom banking giant.
Barclays share price briefly dropped below the 170.00 level, and then swiftly recovered back towards the 190.00 level, in a hugely volatile few minutes of trading, which took place shortly after the open bell on the FTSE100.
Aside from this week drama, Barclays share price has been steadily climbing towards the 200.00 level after slumping under the psychological 100.00 support level during the height of the coronavirus pandemic.
Analysts familiar with Barclays financial have stated that they are becoming bullish towards its short to medium-term outlook as the bank has fared well during the COVID-19 crisis and is poised for more upside as the United Kingdom’s housing sector expands.
Barclays is a significant lender on the UK mortgage market, and its loans division is amongst one of the most profitable in the banking sector. Additionally, Barclays investment banking division has started to post solid results.
It appears that having successfully navigated through the economic downturn Barclays stock price could soon press above the 200.00 level towards key levels such as 250.00, which are levels the stock has not traded at since 2015.
Additionally, the technicals are starting to paint a bullish price picture and are also alluding to further upside in Barclays share price.
Barclays Short-term Technical Analysis
The four-hour time frame shows that a massive bullish reversal pattern has formed after Barclays share price recovered back towards the December 2019 high, and eroded all of the COVID-19 inspired losses.
According to the overall size of the bullish reversal pattern a rally towards the 285.00 level could be expected at a minimum. Watch out for a breakout above the 200.00 level to solidify further gains towards 225.00, 250.00, and finally 285.00.
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Barclays Medium-term Technical Analysis
According to the daily time frame a technical break has taken place from a falling price channel after bulls moved the price above the 160.00 level.
It is important to note that the much hyped early-week pullback which was supposedly due to a “fat finger trader” almost perfectly tested the mentioned breakout zone.
We can therefore deduce that as long as the price holds above the 160.00level then further strong gains above 200.00 should be expected. The technical breakout appears very important and could be just the start of a powerful new uptrend.
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