The worst is over for Barclays Bank?
One of the Uk's 'big four' banks, Barclays bank is looking to make a comeback after being in a corrective phase(or downtrend) for more than a year and a half.
The stock made an impulsive up move from the march 2020 bottom and the same went on till Jan 2022.Since then however the stock entered the 'wave 2' correction and has remained in it for more a year and a half.
At the most recent Oct 2023 low however, the corrective wave counts for the stock seem to have come an end and it should be expected to now start a fresh 'wave 3'.
The stock held its 61.8% retracement on three different occasions and managed to reverse from it almost immediately every time it visited it.
On the way up the stock faces its first hurdle from the falling trendline at 155 and then at previous 'x' wave top at 166.44 respectively.
On the downside the low of 128.12 is crucial for the stock.
The stock is expected to gain momentum upon closing above the falling trendline.
It should also be noted that Barclays is a significant component of the FTSE 100.
The 'wave 3' projection is expected to take the stock from current levels to around 250-260 mark.
Note*- This chart is for educational purpose only.
The stock made an impulsive up move from the march 2020 bottom and the same went on till Jan 2022.Since then however the stock entered the 'wave 2' correction and has remained in it for more a year and a half.
At the most recent Oct 2023 low however, the corrective wave counts for the stock seem to have come an end and it should be expected to now start a fresh 'wave 3'.
The stock held its 61.8% retracement on three different occasions and managed to reverse from it almost immediately every time it visited it.
On the way up the stock faces its first hurdle from the falling trendline at 155 and then at previous 'x' wave top at 166.44 respectively.
On the downside the low of 128.12 is crucial for the stock.
The stock is expected to gain momentum upon closing above the falling trendline.
It should also be noted that Barclays is a significant component of the FTSE 100.
The 'wave 3' projection is expected to take the stock from current levels to around 250-260 mark.
Note*- This chart is for educational purpose only.
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