Citigroup Inc. (NYSE:C) stock finally broke loose this past Friday from a week of ping pong between a range of 4.07 and 3.84.
I was caught off guard by Citigroup Inc. stock falling on Friday only to close the day out at 3.79, as you can bet many traders were.
We seen consecutive daily gains previous to Friday, MACD was looking up, we even had an inside bar for technical traders who play those.
Upon further analysis of Citigroup’s stock behavior, the “C” stock is chasing gaps over the past few months. You can click on our chart to enlarge.
Are Major Players Pushing Citigroup Inc. (NYSE:C) Stock Around To Fill Unfilled Orders, or is this natural market behavior?
Citigroup’s stock has been absolutely diligent lately in covering up left behind daily gaps.
- 12/11/2009 gap, filled on 03/09/2010
- 12/16/2009 gap, filled on 12/22/2009
- 02/16/2010 gap, filled on 03/01/2010
- 03/09/2010 gap, filled on 03/15/2010
- 03/24/2010 gap, filled on 03/29/2010
- 04/01/2010 gap, filled on 05/05/2010
- 04/08/2010 gap, filled on 04/16/2010
- 04/13/2010 gap, filled on 04/16/2010
- 04/26/2010 gap, filled on 04/29/2010
- 05/07/2010 gap, filled on 05/11/2010
- 05/13/2010 gap, filled on 05/27/2010
- 05/25/2010 gap, filled on 06/04/2010
And then two unfilled gaps on 04/23/2010 and 05/03/2010.
The market has a natural tendency to fill unfilled gaps, and if you are holding Citigroup Inc. stock currently this may well play out in your favor. However, I am not providing a suggestion to buy, sell, or forfeit shares. I do not have that luxury. Yet, even if you open your own chart and go back to the most recent daily highest high of 5.43 on 08/28/2009 and look for yourself, you will not find a gap that has not been filled.
What we do know, is that Citigroup Inc. is no longer trading sideways. Is this a fake out, before a bullish trend is established? What about the gaps? If the “C” stock is to continue a bullish trend, it will need to make a new higher high and penetrate the 4.07 price level before making a run at filling 4.37, which is the nearest price level that is unfilled.