Barclays (LON: BARC) share price has run into some resistance after rising for four consecutive weeks. Our analysis shows that the shares of Barclays are likely to have a major pullback before continuing upwards. The share value will also remain susceptible to the upcoming rate hikes by the US Fed and Bank of England.
On Monday, UK shares showed a mixed price action. Most bank shares depicted minor losses during the first trading session of the week. Barclays share price UK was down 1% till press time as the stock changed hands a 156.3p. Shares of Lloyds, NatWest, and HSBA were also trading lower than their last week’s close.
ISS Urges LON: BARC Holders To Reelect Board
According to the most recent Barclays news, Institutional Shareholder Services (ISS), which is a notable proxy advisor, has recommended reelecting the current members of the board. The move was surprising for some analysts due to the alleged ties of the former CEO Jes Staley with Jeffrey Epstein.
The reelection of the current members of the board will be considered in the upcoming lender’s meeting in May 2023. After a major drop in March, Barclays share price has significantly recovered. The stock is currently 21.5% up from the lows.
Barclays Share Price Retests Key Resistance
On technical grounds, the LON: BARC chart is looking poised for another pullback. The reason is that the shares have faced rejection from the range-mid today. Another confluence comes from the presence of the 200-day moving average in the same region. In case of a deeper correction, a retest of the range lows at 142.5p is the most likely scenario.
On the other hand, Barclays share price forecast will flip very bullish if the price breaks above 200 MA and the 160p level. In that event, the shares may surge to their range highs which currently lie at 178p. The broader market sentiment towards the banks will play a major role in future price action.
If you actively trade stocks and cryptocurrencies, you’re also welcome to join my free Telegram group for my detailed outlooks on these assets.
