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
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.