Barclays has been the best performing of the big UK4 banks.
Even so the pick up from the March lows has been a slow grind higher.
Bad loan provisions have reached £4.3 billion so far and whilst Q3 saw a significantly lower amount set aside for bad loans this could pick up again in Q4 given the lockdowns.
Barclays big investment banking arm has helped to offset weakness in the retail division.
The share price still trades range bound. However it has moved to the upper end of the range andt he RSI supports further upside.
Bulls could be looking for a break above 160p whilst the bears could wait for a break below 130p.
NatWest has proved to be more resilient than initially feared through the pandemic.
Bad loan provisions were hiked sharply in early 2020. However these failed to materialise at such elevated levels and Q3 profits beat forecasts.
Even so, more lockdown restrictions are likely to have hurt more small and medium sized businesses meaning bad loans could have crept higher again.
NatWest has broken out to the upside over 174p. The bulls are targeting 191p a level last seen in February 2020.