Barclays’ (LON: BARC) share price is currently consolidating around the middle of its 140p-178p trading range. The stock has been steadily climbing from its August lows, now sitting 17.5% above that point, and is currently at 160.34p, up 0.67% at the time of writing.
UK stocks are showing gains as market sentiment remains bullish, with indices like the FTSE 100 seeing a notable 59-point increase on Wednesday. However, caution is advised, as volatility is expected due to the upcoming FOMC meeting today and the Bank of England meeting tomorrow.
On September 12th, the British labor union Unite announced that Barclays plans to cut over 450 jobs, a decision the union has criticized. Unite has requested a meeting with Barclays’ CEO to discuss alternatives and offered support if employees are provided with retraining and redeployment opportunities.
In other developments, Barclays has partnered with AGL Credit Management to invest in the private credit market. The partnership will initially invest $1 billion, aiming to compete with private credit funds and target retail investors in the US.
In a previous analysis, I accurately predicted a retest of the 160p level, the midpoint of the current trading range. The stock is now trading 0.9% above the 200-day moving average, indicating strength.
If Barclays’ share price gains momentum above the 160p range midpoint, I expect it to rally by 11.4%, potentially reaching the range high of 178p in the coming weeks. However, if the price falls below 160p and stays below the 200-day moving average, this bullish outlook would be invalidated.
I’ll continue to share updates on Barclays’ stock forecast and my personal trades on Twitter. Feel free to follow for more insights.