Barclays’ share price (BARC) remains relatively unchanged today, trading at 108p, just below last week’s high of 113p, where it formed a shooting star pattern. In comparison, other banks are seeing slight gains: Lloyds is up by 0.40%, HSBC has risen by 0.15%, and NatWest (Royal Bank of Scotland) shares are up by 0.90%.

Barclays’ shares have declined by more than 40% this year and over 23% in the past 12 months. Over the past five years, the stock has dropped by more than 60%, though it has still outperformed other banks like Royal Bank of Scotland, Lloyds, HSBC, and Standard Chartered.

Several factors have contributed to this underperformance. First, historically low interest rates have negatively impacted banks. Second, following the 2008 financial crisis, banks have faced intense regulatory pressure and paid billions in fines. Third, Brexit has posed significant challenges for Barclays and other London-based banks.

Barclays operates two main business divisions. Its UK-based operations focus on consumer services, including Barclaycard, and utilize about £10.5 billion of tangible equity. In recent quarters, this segment has been responsible for substantial provisions. The other division is Barclays International, which includes its high-margin investment and trading business. Recently, this division has helped offset losses in the consumer segment.

Analysts generally view Barclays’ share price as undervalued. Deutsche Bank predicts the stock could rise to 135p, while Credit Suisse, Goldman Sachs, and JP Morgan Chase have set price targets of 125p, 135p, and 160p, respectively. The only major bank with a more cautious outlook is Royal Bank of Scotland, which forecasts a decline to 110p.

Barclays’ share price has faced pressure in recent weeks, as seen on the daily chart. After falling to 74.36p, the stock attempted a recovery, reaching a high of 134p in June. Since then, it has been declining, guided by a descending black trendline. At its current price, it sits slightly below the 23.6% Fibonacci retracement level.

Additionally, the stock appears to be forming a descending triangle pattern, suggesting the price may continue to fall, with bears targeting support at 98.88p. However, a move above 112p, where the descending trendline intersects with the August 12 high, would invalidate this bearish trend.