Long Term Turnaround?We are leaving a sideward range behind. It has been left 2013 already is moving slowly upward since, however it still lokks like sideward. But this seems so ony due to the downward correction since July 2015. The correction has finished in March and now we are within an interim upward trend. Because of the correction was within a slight stepping up we may see new highs soon.
4C trade ideas
C: Systemic risk, extremely overboughtCitigroup shares might be poised for a retracement here, we can expect a selloff to take place, if we don't move back above 56.78. I'd reccomend either shorting it, or buying puts. You can buy out of the money puts and sell bear put spreads to reduce costs (vs buying at the money puts).
Good luck,
Ivan Labrie.
Citigroup - weekly repair of early 2016 drop.Just a specualtive idea : but looking at Bank stocks like Citigroup - it looks like many institutional investors were surprised by the sudden drop very early this year. Thus they might take this window of opportunity to drive price back up to at least the previous breakdown level ( just to get breakeven ). Therefore, a rise in Citigroup to approx. 50.00 USD area wouldn`t surprise me. Bullish with tight stops.
Citigroup fallingCitigroup has fallen out of a rising wedge and broken down past the short term support of 43. Next support is at 39.80. Most banking industry stocks did poorly today. This may be a beginning of a bear trend or a brief correction before further rising. If price falls bellow 39.80 with heavy volume bear trend is active.