DAX Index

Barclays Share Price Surges; Sets Sight on 140 Mark

Barclays share price has continued its surge into the second day after the bank made a series of changes to its housing products. Barclays bank opted to reduce the rates on its existing 60% LTV 2-year fixed residential purchases and remortgage products. It has also introduced a new product, which is an 85% LTV residential product for loans of between 5,000 GBP and 2 million pounds. Other changes include a reduction on existing buy-to-let purchases and remortgage products.

These changes come amid data from the UK today, which showed an improvement in the Claimant Count data. The Claimant Count Change fell in October from -40.2K to -29.8K. However, this was offset by a slight increase in the unemployment rate from 4.5% to 4.8%, exceeding the market estimate of 4.7%.

Barclays share price is also a beneficiary of the market optimism and risky sentiment that has greeted the preliminary call in the US elections of a Joe Biden victory.

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Technical Levels to Watch

Today’s surge in the Barclays share price met resistance at the 135.18 resistance (previous high of 8 June); the daily candle has retreated from intraday highs as a consequence. The next upside target above 135.18 is the August 2019 highs at 141.06, followed by the 147,48 price level. These targets are only attainable if the bulls can force a breakout above 135.18.

On the flip side, a retreat from present levels is expected to meet support at the 125.44. If further profit-taking persists, and price pulls below 125.44, then we could see a small run towards 121.38, with 115.64 providing support below this level. This area will also be reinforced by the 200-day moving average.

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Barclays Share Price Chart

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