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City Trades: FTSE 350 Banks

Created:
22 April 2008
Updated:
29 April 2008
Written by:
Tarquin Coe

UK banks are primed for a substantial rally, says Tarquin Coe at Investors Intelligence.

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Long-term support at 7000 has halted two heavy-volume sell-offs in the last three months. This action has shaped a double-bottom, which would be confirmed on an aggressive break of 8500. If successful, expect a surge to 10000, fulfilling a Fibonacci 61.8 per cent retracement of the one-year decline.

IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.

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