Market Blog Technical Analysis

Citigroup: Consolidation for further upside

Antonio’s Perspective

Citigroup Inc (NYSE:C) broke out to new highs on large volume last week. This breakout brings high probability for a trend continuation. Daily Technical indicators suggest the stock is currently overbought and should consolidate at current levels to work out the overbought signal.

Fresh exposures may be considered on price weakness, using the rising 20-day exponential moving average currently at $64.09 as the stop-loss. A close above $67.75 may be used to enhance exposures.

Confidence Meter vs Stock Price

Citigroup Stock vs Confidence Meter

This is a guest post by  António Costa, acclaimed trader and the popular author of AC Investor Blog.  All views and analysis belong to the author.

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António Costa
I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I write guest posts for Stockal to share my thoughts about capital, risk management, and trading. My posts contains only my personal opinion and are provided for informational purposes only.

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