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Trade idea: Sell Barclays after equities turnaround
Joe Neighbour from Central Markets is looking at the UK banking sector, and in particular at Barclays. He says we saw a sharp turnaround in equities following the European Central Bank's decision to cut its main refinancing rate by 25 basis points to 0.25 percent.
The ECB said it could take rates even lower to prevent the eurozone's recovery from stalling as inflation tumbles. It held the rate it pays on bank deposits at zero.
Specifically, Joe is looking at Barclays due to its under-performance versus the rest of the market. The shares broke down through a significant support level and the expected weakness this morning provides a good opportunity to sell, according to Joe.
As a result, he plans to sell Barclays at GBP 2.56, to place a stop at GBP 2.56 and his target is GBP 2.
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01:04 minutes
Tags: barclays, barclays bank, barclays share price, central markets, ecb, equities, equity market, euro area, european central bank, eurozone, eurozone recovery, gbp, investing, investment, joe neighbour, profit, saxo bank, saxo tv, shares, stock market, stocks, trade idea, trader, trading, tradingfloor.com, uk banking sector, uk banks, video