Barclays – Downward Pressure May Still Continue
AvaTrade | Dec 13, 2013 12:27AM ET
Barclays is trading in a downward channel on a 4 hour time frame. The price is showing more and more weakness as it has failed to touch the upper line of the channel for the past two times which represents weakness for the stock. The RSI is trading near the 30 mark which is considered as an oversold zone however, it has not crossed this zone which is usually a better odd enhancer. The price has pierced the Bollinger band which represents an increase in the volatility and a potential minor mean reversion however, the bias could still be to the downside.
Important Zones
Support Zone
219-211 Minor Zone
184-177 Major Zone
Resistance Zone
285-276 Minor Zone
309-302 Major Zone
Disclosure & Disclaimer:The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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