Barclays shares are gaining 3.5% today in London stock exchange after CEO Bob Diamond’s resignation. New highs are printed in the 5-day Barclays stock graph having confirmed the support level at 160GBP. The short-term uptrend might meet resistance at the previous key resistance level at 175GBP. Meanwhile, Barclays stock should be quite popular during the New York trading session that is about to start in 2 hours. According to the daily stock graph of Barclays in NYSE, the banking stock has already confirmed the support level at $10, following the gap down that occurred on Friday’s session.
However Barclays shares are predicted to fall to lower prices due to the trend line breakout indicated in the weekly graph. Last week’s long red candlestick printed there will probably lead to quite a few investors and traders to go short on Barclays stock or get rid of their Barclays shares before the stock heads down to the 10-year low of $2.50! The volume increased significantly when the scandal made public last week with more than 44 million shares traded in the New York stock exchange.
What’s more in the weekly graph there is a confirmation of the decline’s support level at $16 in March further indicating that Barclays shares would need a reversal formation, before their price rises. Notice the uptrend that lasted for 6 or so months before the stock price retraced to the trend line, penetraded it and confirmed the uptrend line the past week. Will the price level at $8.50 hold? That is a question to be answered. For the time being the scandal isn’t to be much of a help for the Barclays stock, although the resignations seem to have benefited the shareholders.
){kind=link}