Citigroup Inc. (NYSE:C) stock edges closer to the five dollar mark after successfully remaining above the 50 SMA yet needs a new higher high
Citigroup Inc. (NYSE:C) stock is edging closer to the five dollar mark again as Citi receives heightened buying interest during the beginning of a new week of trading. The intraday trend has been bullish, rising upon higher volume more often that not. Unfortunately, ‘C’ stock has yet to put to pasture a series of higher low’s, and today is no different.
Almost amusing due to such little needing to be done, Citi needs to reach the $4.92 price level to break the cycle of lower high’s to indicate to technical traders Citi can put an end to this rut. Afterward, the price gap that formed on January 18th just above the $4.95 price level needs reclaimed which would put Citi back into the five dollar range once again.
As it stands, this period of consolidation is tightening each day. A breakout is drawing near, and is inevitable, yet it could happen sooner rather than later if today’s bullish momentum carries over into Tuesday’s trading session. Technical indicators remain unimpressed due to this consolidation and are not reliable at this time, so technical traders are forced to rely on old fashioned price action.
Citi has so far successfully managed to remain above the 50 SMA, and support levels remain so the potential for a bullish breakout still has reasonable potential. Tuesday will show investors whether Citi will once again be relegated to consolidation, or Citi finally makes its way back toward the five dollar mark. Citigroup Inc. (C) has a market value of $141,764,824,720 at this time with 29,050,169,000 shares outstanding.