Barclays price analysis: BARC remains weak as sellers refuse to relent

PUBLISHED: 12 Apr 2020 @ 09:15 | Comments (0) | More info about Azeez Mustapha

Barclays Plc shares (LSE:BARC) remain weak as sellers threaten to short further. The market has fallen so hard in the last few months and the trend remains bearish. The current bearish momentum started this year, ending the bullish effort of 2019.

4 EMAs are used for this analysis, and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart. All the EMAs are sloping downwards. Price tested the support level at 80.00 and then bounced upwards.

However, the upwards bounce may be a trap for unwary bulls, as things remain weak, and further selling is anticipated. As long as BARC price is below the EMA 200, any rallies into the EMA 20 or 50 could be seen as opportunities to go short at higher prices.

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