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- 1 BCS stock price defended $7.20 support and showed a minor bounce.
- 2 Barclays stock price (NYSE: BCS) is trying to climb above the 50-day EMA.
- 3 Barclays PLC stock is stuck in the wide range of consolidation.
Barclays PLC, BCS stock price fell 6.01% in August 2023 and tested the previous 2 months low. However, the buyers of Barclays stock succeeded in defending the $7.20 support and ended the month with a minor recovery.
BCS stock price is trying to climb above the 50-day and 200-day EMA. It indicates that bulls are getting active and trying their best to reverse the stock trend in an upward direction.
Presently, Barclays stock price (NYSE: BCS) seems to be stuck in the wide range between $7.20 to $8.20. The stock has formed a strong base near $7.20 so downside risk seems low.
In the middle of July 2023, bulls of BCS shares broke out of the higher range with a high volume.
It triggered a positive sentiment and grabbed the attention of many long-term investors. Later, BCS share price rallied 7% (approx.) in just 2 weeks and hit a swing of $8.63.
Barclays PLC (NYSE: BCS) released its quarterly earnings on July 27, 2023. It reported a positive EPS of 0.442 and beat the analyst estimate by 8.93%. Despite that, investors of BCS stock reacted negatively and the price gap fell 8.84% after earnings.
Will BCS Stock Price Recover in September 2023?
BCS stock price lost the bullish momentum after earnings and prices entered into a short-term correction. Later, prices declined for a few days and tested the lower range of consolidation.
Luckily, the buyers were active near $7.20 and managed to push the prices higher toward the EMA.
If in the coming weeks, Barclays stock succeeds in climbing above the 50 and 200-day EMA then recovery is likely to continue. However, if Barclays stock price faces rejection then bears will take over the control, and downside risk will increase.
Will Barclays Stock Price Give Follow-Up Momentum?
Barclays stock price (NYSE: BCS) formed a bullish candle on a weekly time frame. If buyers succeed in giving the follow-up momentum then we might see the $8.00 level by September end.
BCS stock will gain positive momentum when buyers are able to break the $8.18 hurdle. Till then prices are expected to continue the wide range consolidation. On the lower side, If the $BCS share price drops below $7.26 then a sharp decline might be visible.
Conclusion
Barclays PLC, BCS stock price fell 6.01% in the previous month and lost bullish momentum. However, the downfall in Barclays stock price seems to have taken a halt near $7.26 and prices are recovering.
The technical analysis suggests BCS share price is bullish in the long run. Therefore, the probability of reaching $10 by the end of 2023 remains high.
Technical levels
- Resistance levels: $8.18 and $8.62
- Support levels: $7.20 and $6.37
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
