Barclays (LSE:BARC) and bitcoin
We’d written a wonderful self-congratulatory article about bitcoin, due to it achieving (and retreating from) our target high of $6,595. Calling up a chart revealed the sodding pairing had bettered $6,595 (against all logic), while it was being written about. So, unless bitcoin breaks below $6,409 (making a short trade valid), we’re clueless for now!
Barclays (BARC) on the other hand is easier to deal with. We’ve been banging on about an expectation of weakness to 178p and thus far, the share has resolutely avoided this doom.
While our secondary – should 178p break – is at 168p, a doubt is starting to sneak in as the completely illogical argument of “if it ain’t goin’ down, it’s goin’ up” tends to prove valid more often than you would expect.
Of course, we cannot help but wonder if the market has noticed the unpleasant detail, should Barclays close below 180p, the ruling longer term attraction comes from 148p. It also begs the question, what’s with all the drop targets ending in “8”.
What does Barclays need do to signal “it’s goin’ up”?
Bettering 190.5p would be a fairly reasonable movement. This would tend to confirm the market does not wish Barclays below 180p, hinting at fairly useless growth coming toward 197.25p.
Critically, as the chart shows, this betters the immediate downtrend for 2017, giving hope for the future. Our secondary, if such a point exceeded, comes along at 213p.
There’s a fairly big “however” due to the prior highs matching the 197p level. Perhaps holding off on the party poppers will prove wise until such time the share actually closes above 197p.
Alistair Strang has led high-profile and “top secret” software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know “how it worked” with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang, Shareprice, or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
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