Barclays - any thoughts

Please can someone share their TA on Barclays?

I have tried to look at it from a very lazy perspective and could find a few sticky questions.

I have attached a weekly chart
dl.dropboxusercontent.com/u/4385922/barclays.png

thanks

BARC is back on the radar as it's approaching a very important level at 235-240p after a year of trading in a 50p sideways range. It's going to be really important that this level holds if this range is going to be a consolidation towards higher prices. Here's a daily chart:



dl.dropboxusercontent.com/u/20815047/FTS...ARCdaily07_03_14.png

You can see how the 245p support held again recently but prices headed back to it yesterday suggesting that this support is unlikely to hold. The important level can be seen left. Here we see it gapped up after a close above the daily breakout level at 235p, then, only 8 days later, it gapped up substantially from a major breakout from the weekly chart (see below) at 240p:



dl.dropboxusercontent.com/u/20815047/FTS...RCweekly07_03_14.png

Indicators are either rising or forming possible divergences (questionable given the sideways nature of the chart) but to me this is worth a long at either 235p or 240p with a tight stop below 235p.

I'd welcome other views on this.

Nice jacko,

234/240 seems a good target to go long with stop below or a break n hold abv 259 level.

a break below 234 > 220 would signal danger.

dl.dropboxusercontent.com/u/40497882/Bar...20%28DFB%29Daily.png



All imho

WS

Thanks WS,

I note with some concern that your Feb 2012 high is at 259 whereas mine is 240. The fact that this level has been broken (the Feb 2012 high) means that the current sideways move is unlikely to be a wave 4 which was part of my thinking. It could always be a leading diagonal I suppose, and there's still the gap trade to consider but I'll be a little more cautious if that high was 259.

I'll check with some other charts.

PS I'll try and post a bog pic view on TLW later - could be an enormous H&S in play with neckline at 414-ish...

Lol! That should have read big pic view!

screencast.com/t/PEEFxg0Mb

230p could this be the bottom for a small bounce?