Shares of Citigroup Inc. (NYSE:C) stock retrace as volume decreases and momentum wanes
Shares of Citigroup Inc. (NYSE:C) stock retrace for a second day after the beginning of a new week of trading. Can individuals really fault investors for being cautious of buying into a high when Citi rarely experiences the extreme (for it) volatility of the end of trading last week, Monday trading reflected this with less than 50% of volume compared to last Friday.
Citi is close to yet another new high at $4.63 and their stock made a good run at the end of last week. A run well enough to break above two highs, in fact was accomplished before momentum waned.
While pre-market trading looked promising for today, Citi has been trading in a bearish intraday trend after opening for the normal market session and reached a low of $4.36 at 42 minutes past noon. There are two areas of support, one being $4.35 while there is more significant support to be found at the $4.30 price level which previously had been resistance two different times.
Citigroup Inc. (C) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Citi has a market value of $127,048,924,665 with 28,973,529,000 shares outstanding. The overall trend is bearish for Tuesday trading as of 1:32 P.M. Eastern.