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Barclays (BARC) Downside Stalled At The 100-Day SMA

Barclays gives up yesterday gains as the risk-off sentiment weigh on risky assets today. FTSE 100 gives up almost 1.25% as the banking sector is under selling pressure. The rising number of coronavirus infections increase the fears of second coronavirus wave that would halt the recent global economic recovery.

Barclays (BARC) will release the earnings report on Wednesday, July 29th, 2020. The company hasn’t provided any guidance for the revenues and earnings amid the coronavirus crisis.

Most analysts expect Barclays UK and the international Consumer, Cards & Payments business to experience lower revenues and profits from the low rates environment and the economic slowdown caused by the coronavirus outbreak. The bank will not pay any divided as the Central Bank of England has suspended all divided due to the coronavirus crisis.

Barclays Daily Analysis

Barclays is 0.92% lower at 116.24 having tested earlier today the critical 100-day moving average support. Barclay’s share rejected above the 100-day moving average in early June, and since that time Barclay’s hovers below and manage to break above the 100-day SMA the previous week. The technical outlook is positive for the short term, but if the stock break below the 100-day moving average, then more sellers would join the action. 

On the downside, initial support for Barclays share is at 114.82 – 114.30 the daily low and the 100-day moving average, respectively. In case of a move lower then the next support stands at 112.22 the 50-day moving average. Next support area stands at 106.56 the low from May 26th.  

On the other side, the first resistance will be met at 117.28 the daily high. The next hurdle for Barclay’s share to the upside stands at 120.88 the high from yesterday’s trading session. Bulls will be in control above 120.88 targeting 124.52 the high from June 17th. 

Barclays Share Daily Chart