Barclays Plc stock (LSE:BARC) has been in a downtrend since November 2021. Even the rally that was seen in January 2022, has proven to be a temporary bullish effort in the context of a downtrend. The bearishness in the market should continue, as explained below.
The ADX period 14 is not far from level 40, which means that there is a considerable amount of momentum in the market. The DM- is below the DM+, which means that bears are currently reigning.
Likewise, MACD default parameters, has its signal lines below the zero line, while its histogram is above the zero line. The histogram above the zero line reflects the near-term bullish effort in the market, which is bound to become futile anyway.
Once the MACD histogram goes below the zero line again, there would be a Bearish Confirmation Pattern in the market, in conjunction with the ADX 14; which would mean a serious bearish signal.
The outlook on the BARC is thus bearish for the year and the market can attain the accumulation territories at 140.00, 130.00 and 120.00 respectively.
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