Barclays’ share price is experiencing solid demand this Tuesday after the bank refiled its accounts and launched its $1.3 billion share buyback program. As part of the repurchase plan, Barclays will buy back 1.67 billion shares at a total cost of £1 billion, with JP Morgan Securities managing the buyback. The program is set to run until September 30.

The buyback had been delayed due to issues with trades on debt securities from Barclays’ US division, which forced the company to put the plan on hold. On Monday, the bank refiled its 20-F accounts with US regulators, allowing the program to resume.

This news has been eagerly anticipated by investors and has breathed new life into Barclays’ share price. The stock rose 1.64% on Tuesday, building on a 3.29% gain from Monday. From a technical standpoint, this upward movement has helped form a bullish reversal pattern on the daily chart, suggesting the potential for further gains if the bulls can overcome key resistance levels.

The recent upward trend continues after the break of the neckline and the completion of a triple bottom pattern. The active daily candle is now testing the 161.62 resistance level, which aligns with the previous high from March 9, 2022. If the price breaks above this level, it could move toward the next resistance at 170.34, which was the high on March 14 and 24, 2022, completing the measured move of the pattern. Additional resistance levels to watch are 177.34 (March 17, 2022) and 186.14, where the highs from August 11, September 6, and December 16, 2021, are located.

On the downside, if the price fails to break above 161.62, a potential pullback could target the support level at 156.92, which aligns with the March 29 and May 17 highs. Further declines could lead the price toward the 151.12 level, representing the March 29 and May 19 lows, with 147.48 (the May 13 low) and 140.80 also serving as potential downside targets.