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Sunday, January 20, 2013

Annual Forecast on Barclays (2013)

Barclays shares (LSE:BARC) are in a bullish mode, and will continue as such. Along the way, bulls will make mincemeat of bears. When it comes to this, bulls are not nice. They got a bad mind against the bears. The toad says he has a bad mind; who will see his rough skin and not think he has already had a bad mind?
On the chart above, there are 2 Trendlines and the Relative Strength Index period 14. For the past few months, the price range-traded to the upside, consolidating to the north. Around the middle of December 2012, the price broke out of the upper trendline and has traded upwards since then, while the RSI period 14 has gone into the overbought region (far above the level 50 and into the level 80). This is an outlook that is yet valid, and it is expected to continue for the rest of this year. The price is now around the level 292.5. In the long term, the price may reach the supply level of 400, while it might pull back to the demand levels of 282 and 272 in the near term and medium term, respectively.
This article is ended with the quote below:
“When everyone starts to agree with you that is the time to beware… My goal in trading is not to inflate my ego, it is only to make money.” – Steve Burns



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