Barc

(I moved this post and added a few lines to the narrative)

uk.advfn.com/p.php?pid=chartscreenshotsh...MBw=&symbol=L%5EBARC

Some potential for a nice trade here. Upside gap between ~299 and 303 and downside support at 269.75.

In between we have a trendline break and backtest yesterday indicating further downside supported by bearish MACD divergence.

RSI support not reached, which IMO will determine extent of downside.

So to recap, potential trade of 30 pips between 271 and 300 or 11% without being greedy. This is Barc so the gap will certainly close.

Please be aware of the RI in September which will no doubt throw a few wobbles, plus price action this year is showing a triple top (or H&S if you are picky). The latter would give a neckline at my suggested buy point, so be careful - it is easier to see on a weekly chart.

Gap is about to close here. Might be a good place to short

good call. Maybe worth a long now, looks like some support in this area.

Anyone got a view on BARC? It's approaching an area of support from a previous significant price high at 259.95p and there's also a gap support at 262p so a possible long at 262 with stop below 259.95p. Balanced against that is the possible H&S breakdown giving a possible short entry on a backtest of that neckline at c. 273p. Here's the chart - could be a good deabte on trading strategies on this one:



dl.dropboxusercontent.com/u/20815047/FTS...ARCdaily23_09_13.png

dl.dropboxusercontent.com/u/7238706/BARCLAYS.png

Jacko, this is just a possible, in which case 261, or thereabouts, will be significant.

Diver

Thanks Diver. I think we have some serious data discrepancies between our charts though so not sure which to believe.

Remo: any view on this?

TIA