Citigroup's stock is one cent away from refilling a price gap left over from the first half of August
Shares of Citigroup Inc. (NYSE: C) stock are currently in the middle of refilling a price gap that was created during the NYSE market open of August, 11. During the last day of trading, “C” stock edged north to refill partially this gap in price on the daily chart. To refill completely this, Citi’s stock needs to rise further and touch $3.99. Before closing Friday trading out shares managed to touch $3.98, falling only a single cent short.
Company shares have been on a bullish drive assisted by positive market sentiment, heightening Citi’s stock valuation four consecutive trading days beginning on the last day of trading of August. The last time Citi has seen these many bullish trading days was back in July trading of the company. Before this current bullish trend, investors witnessed a false break of support below $3.64 which had been former support on two separate days, August 25th and the 27th.
Technical figures include stochastic brought back into an overbought level, and MACD recently made a complete cross on September, 2. Volume has been decreasing from the initial bullish burst three days in a row, heightening potential for an upcoming consolidation period. Notable is new positive divergence found on MACD that has been formed with the current bullish trend which can be found on a larger time frame chart.