Shares in Barclays are trading a little higher ahead of the open today following a positive Q4 earnings release. The bank reported earnings per share of $0.36, well above the $0.26 EPS forecasts. Similarly, the bank reported revenues of $7.015 billion, beating the $6.991 billion number Wall Street was looking for. This marks the sixth consecutive earnings beat for the bank, highlighting how strong performance has been since the low plumbed during the unfolding of the pandemic.
Commenting on the results, Barclays CEO C.S Venkatakrishnan said: “I am proud that we have delivered this resilient performance while continuing to support our clients and customers through another year of COVID-19 related challenges.” Looking ahead, the bank forecasts continued strong growth across its businesses as the global economy continues to recover from the pandemic.
Technical Views
Barclays
The sell off in Barclays shares has seen the market correcting from the bull channel high to the current support level of 10.52 While this level holds, the current down-move remains corrective, within the bull channel, and focus is on an eventual break higher. However, should price slip below here, focus will turn to the channel low next ahead of deeper support at the 9.58 level.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.