Barclays PLC- Selling Pressure May Lose Its Grip
AvaTrade | Sep 23, 2013 10:09AM ET
Barclays stock is trading within the support zone on a 4 hour time frame. The price has pierced the Bollinger band and it is trading far enough from 20 day moving average which represents that the volatility for the stock is extremely high. The piercing of the Bollinger band does have significant importance when this takes place at an important level of resistance/support zone, because this is an ability to stop the upward/downward move or reverse the trend. The price is trading below the 50 day (shown in green) and 100 day (shown in yellow) moving averages which confirm that the bulls are in strong control.
The RSI is trading inline with the price action which means that the downward may extend a little more but most importantly it is trading in an oversold zone which generally has an ability to reverse the downward trend.
Important Zone
Resistance Zone
337-328 Major
308-303 Minor
Support Zone
267-258 Minor
225-219 Major
by Naeem Aslam
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