Citigroup Inc. (NYSE:C) stock finally hits the five dollar mark and is poised to secure a new 12-month high
Citigroup Inc. (NYSE:C) stock has finally hit the five dollar mark and the last time shares of Citi were being traded at this level was back on April 21st of last year. While this is good news in itself for shareholders of the company, shares of Citi also managed to surpass old resistance found at the $4.95 price level as well which provides additional bullish confirmation.
Resistance is normally found around large, round numbers such as this five dollar mark – institutional traders tend to adore them. Looking back to when Citi was being traded around this price region the last time, share price volatility was heightened and the same can be reasonably expected if it is exceeded this time.
Perhaps the most exciting thing for investors is that $5.07 is just around the corner which is the standing 12-month high. The next high for Citi to make a run on is resistance found at the $5.43 price level, and above that is a whole lot of ‘open sky’ for Citi to be traded with little resistance in its way up to six dollars, and potentially to above the seven mark. Interesting to note, on the weekly chart ‘C’ stock does not typically trade above overbought on stoc for more than a month at a time, a trend of which looks slated to be broken.