BARC Stock About to Break $7 Level; What Next?

BARC stock price dropped by 4.99 % in the last trading session, showcasing bearishness on the daily time frame. $7.26 is a crucial support level for the stock price.

Barc stock price has been consolidating in a tight range for a prolonged time. The returns were -6.31% since the beginning of the year, -5.47% in a span of 6 months, -10.48% in the span of 3 months, and a -2.37% last month.

The stock performed poorly so far this year. However, the stock gave a positive return of 25.72% last year which describes the correction phase of the BARC stock.

Barclays stock price was $7.43 with a trading volume of 13.524 Million. Average trading volume of the previous 10 days was 8.715 Million with a market capitalization of $29.294 Billion. The company has a dividend yield of 4.74%.

In Q2 23, the company generated a revenue of $8.02 Billion with a Net income of $1.66 Billion and a profit margin of 20.74%. The net income and the profit margin have declined as since the previous quarter and this could also be the reason behind the consolidation of the stock.

Due to the consolidation phase, confusion was created among the traders and investors who were unable to decide the momentum of the stock. The momentum will decide when the price will break the consolidation range, either above or below.

Will Barc Stock Price Break Below $7.26 Level?

At the time of writing, Barc stock price was below the key moving averages. The last trading was a gap down which pulled the price below the 200, 100, and 50-day moving averages, showcasing bearish dominance in the last trading session.

On the daily chart beyond the level of $8.05, Barclays stock is bullish on the other side if the stock price breaks the crucial support level of $7.26. In that case, it might plummet further and retest previous lows.

The MACD and RSI are in neutral territory, giving a neutral outlook on the daily time frame.

Moreover, analysts are positive on the Barclays stock giving it positive 1 year price targets. Analysts gave Barclays stock price an average target of $11.00 which is 48.12% higher than $7.43. The maximum price target is $16.45 and the minimum price target is $8.74.

As per TradingView, 18 analysts gave BARC stock ratings in the past 3 months and the rating is positive about the stock. 10 analysts gave Barclays stock a ‘strong buy’ rating, 7 analysts gave it a ‘hold’ rating and only one gave a ‘sell’ rating.

Summary

Barc stock price has been in a prolonged consolidation phase, trading in a range. MACD and RSI are also giving a neutral outlook. However, the stock is close to its crucial support level. If the stock price breaks, it could then probably test the level of $6.38.

Technical Levels

Support: $7.26 and $7.00.

Resistance: $7.72 and $8.05

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions