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Barclays Share Price Targets 160p After Breaking Above 200 MA

Barclays (LON: BARC) share price is rising steadily and a recent breakout has put higher price targets on the cards. The recent strength in the FTSE 100 index is also a good sign which reflects a positive sentiment in the UK stock market.

After a pullback on Thursday, Barclays shares are up 0.34% on Friday. The positive price action comes after a bounce from the 200 MA as the shares opened lower on the last trading day of the week. However, the buyers were quick to buy the dip and pushed the price higher.

The Bank of England is expected to keep rates at their terminal levels for quite a while in order to fight inflation. This is not bullish for the bank stocks but technicals, but the potential rate cuts in the US might make the Bank of England more dovish in the coming months.

Recently, RBC has raised its price target for LON: BARC from GBP2.05 to GBP2.30 while maintaining its outperform rating. This will be more than a 50% increase from the current price level but may only occur if the Western economy avoids a recession next year which is still a possibility.

Barclays Share Price Outlook & Technical Analysis

The reason why my Barclays share price forecast is bullish is because of the recent reclaim of 200 MA. As long as the shares remain above this dynamic support, I expect a move toward the middle of the current trading range at GBP1.60.

Another reason behind this bullish outlook is the recent surge above the range lows above 142p. However, in case of a breakdown below 200 MA, the downside target of 143.42 could be on the cards where lies a price gap.

Barclays share price chart