Barclays shares (LSE:BARC) have been trending strongly
downwards for several months and this is supposed to continue this year. A
trend might last longer than what most people think, and as a result of this it
is possible that the price would continue going south and south.
The ADX period 14 is above the level 40, meaning that the
momentum in the market is very strong. The DM- is clearly above the DM+,
showing that that the bears are in control. The MACD (default parameters), has
both its histogram and its signal lines far below the zero line. There is a
Bearish Confirmation Pattern in the chart.
Any upward bounces on Barclays will be a trap to impudent buyers,
for the bearish movement is supposed to continue in the year 2016.
This forecast is ended by the quote below:
“Biggest mistake I made in 2015 was somehow believing oil
would bounce back. Respected oilman Dan Dicker sure had me fooled. My comfort
philosophy, "first mistake is a lesson, second mistake is stupidity.” – Jones75 (Source: Elitetrader)
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
What Super Traders Don’t Want You To Know: Super Traders
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