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Barclays with $1.3b profit after tax reform and good levels for long

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Barclays Capital will be one of the most profitable after tax reform in the US, with the company expecting to pay $ 1.3 billion. less taxes for 2018. The bank commented that the ultimate impact also depends on the effect of other complex provisions in the tax law that Barclays is currently considering.

The shares of the company are -9% for the year, but given the good prospects for the banking sector and Barclays in particular, we expect the newly emerging trend to continue.

A technical look at the price and where to join Long
Technically, the price has formed the inverted Head and Shoulders at the end of the descending channel, and after the right shoulder we have a break on the Neckline along with a break of the main bearish diagonal - a strong positive signal. We also have a 200SMA breakthrough with a following test, that enables us to position with long but still risky. 50 and 200SMA are still swinging, but considering that the last few breaks in the 200 period lead to a subsequent turnaround, we think the price will go upwards as soon as the New Year's Eve is over when the big players return to the market. Correction to zone levels between 1.9700 and 1.9750 is appropriate for more conservative traders looking for a shorter stop. SL is good to put under the Neck line and 38.2% Fibonacci correction at a price of 1.9100.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov


 Varchev Traders

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