Barclays looks to have formed a base and is attempting to head higher

Barclays shares continue to head higher after forming a bottom base at around £1.28. A break above the 23.6% Fib could also help raise the stock price further towards the 38.2% level of £1.53. Minor resistance sits at the march 22nd high of around £1.47. MACD has turned positive with RSI now reading 42.1 supporting a bullish case higher as momentum looks to be picking up. Barclays and the banking sector will be sensitive to economic data however it will influence the overall sentiment for further interest rate hikes which have proven to be chaotic for the industry as a whole. Towards the downside, major support for Barclays sits at the double bottom low of £1.28. A break below here opens the door for Barlcays to drop much further.