Citigroup Inc. (NYSE:C) stock forms a new channel range after finding intermediate support as Citi struggles to turn the curve back north
Citigroup Inc. (NYSE:C) stock has formed a new channel range after finding support at the $4.57 price level. Citi exited an upper channel range this past February 22nd, however ‘C’ stock has yet to descend below $4.57 which has prevented shares from dropping further south two times in the past five trading days.
Today marks the 31st day of Citi trending between two price gaps. With the bearish gap being formed six days ago on the aforementioned 22nd, there are now two price gaps north of current share price that Citi needs to reclaim to reconfirm bullish momentum. Citi is very close to the southern price gap left over from the open of December 7th, 2010, however significant support rests at the $4.55 price level to ward off bearish attempts at reclamation of that price region.
Technical strength of Citi on the daily chart is just about as bad as it could be, which can present opportunity during a potential rebound if support levels continue to hold and thwart bearish price action long enough for bullish momentum to accumulate and send shares back north. Stochastic is firmly in oversold and on balance volume continues to be unimpressive. MACD continues to reflect simply the trend at this point and there as well has yet to be any positive divergence found on the technical indicator at this point in time to give a preemptive approximation of a bullish retrace.
Citigroup Inc. (C) has a market value of $133,512,434,875 with 29,056,025,000 shares outstanding at the time of writing.