• Barclays reversed from support zone
• Likely to rise to resistance level 1.976
Barclays recently reversed up from the support zone lying between the long-term support level 1.8915 (former multi-month high from April), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from the middle of September.
The upward reversal from this support zone stopped the earlier short-term ABC correction (ii).
Given the strong daily uptrend – Barclays can be expected to rise further toward the next resistance level 1.976 (top of the earlier minor correction (b)).
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