BARC.L closes below its opening price unable to hold early session gains
Barclays (BARC.L) Technical Analysis Report for Jul 13, 2018
Moving higher for the 3rd day in a row, BARC.L ended the week 1.71% higher at 189.68 after edging higher £0.18 (0.09%) today. Today's closing price of 189.68 marks the highest close since June 28th. Trading £0.72 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Friday's trading range was £2.04 (1.07%), that's far below last trading month's daily average range of £3.42. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to the key resistance level at 191.38. After trading as low as 189.16 during the day, the share found support at the 20-day moving average at 189.19.
Although the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might accelerate should prices move above the close-by swing high at 191.38 where further buy stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.