Barclays could reach its annual highs. Fundamentals of the company are still good. The valuation of the group is low with a PER of 9.42x for 2013 and 7.74x for 2014. Moreover, analysts have recently revised upwards their price target to GBp 355. Finally, the firm is expected to be profitable in 2013 whereas it was losing more than 1 billion of pound last year.

Graphically, the security is in an upward trend on the medium and short term as shown by increasing moving averages in daily data. Prices are now supported by the 50-day moving average which could lead it towards the GBp 327.3 resistance.

Consequently, it seems interesting to take a long position on Barclays at the current price. The first objective will be the GBp 327.30 resistance. Once this level crossed, the security could reach to annual highs. A stop loss must be placed below the GBp 291.5 support in order to avoid a bearish reversal.