We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)
Barclays Share Price Charters New Path in a Rough Environment
For the past month, the Barclays share price has been in an aggressive bullish trend which has seen its prices surging by 20 per cent since October 12. Today, the bullish trend looks to be continuing, with the early hours of intraday trading pushing the company up by a percentage point.
The latest Barclays rally comes amidst anticipation that the Bank of England will raise interest rates following reports that the inflation had climbed to a 41-year high after hitting 11 per cent. In most cases, the news of rising interest rates would be positive to companies such as Barclays. However, the latest reports also indicate there is fear of a looming recession, and the high inflation rate was likely to affect their clients’ ability to repay the loans. There is also a high likelihood that, if the current market conditions continue, the demand for new loans may start to go down. In case of a recession, there is also a high likelihood that we might see businesses and individuals defaulting on loans, which will further impact the company’s bottom line.
However, for now, the Barclays share price and its business as a whole look to be doing fine despite worsening economic conditions. Investors’ confidence and sentiments for the company also look to be high, based on the price action of the past few weeks.
Barclays Share Price Forecast
Despite the worsening economic conditions in the UK, including the recent 11 per cent inflation rate, the Barclays share price has continued to trade bullishly. In today’s trading session, intraday data shows investors are also still confident and bullish on the company by boosting its share price by a percentage point.
The price action also indicates that Barclays share price may be in a long-term bull move. Therefore, I expect the current trend to continue, with a likelihood of the company hitting the 173p supply level and possibly trading above it. However, a trade below the 150p price level will invalidate my analysis.
Kelvin Maina is a computer science graduate who has a passion for cryptocurrencies. In 2017, he became professional crypto and Forex technical analyst for CryptoPolitan and in 2022, he joined InvestingCube.com.
United States of America
