Citigroup Inc. (NYSE:C) stock breaches significant support (twice,) as a 2010 price gap is partially recovered as 'C' stock signals a return to former trending characteristics
Citigroup Inc. (NYSE:C) stock shareholders continue to try to find some sort of positivity in a stock that just about refuses to react positively since January, 18. There is much detriment to be found over these past nine trading days in regard to ‘C’ stock. Shares recently spent 24 days in a row slowly (which is an understatement to a large degree,) accumulating positive bias only to have shareholders locate yet another hole in Citi’s hull.
Citi had support at the $4.57 price level, two times at that, which was breached to the downside today after enjoying two days prior of overall positive market sentiment. That positive sentiment is gone and in Citi’s case it remains true as well.
All is not a total loss for long-positioned traders who have a hoarded ‘C’ shares, Citi’s retrace today has dipped it beneath long-standing, significant support. Citi has been traded beneath the $4.54 price level to $4.52 per share, and is one single penny from completely re-bridging the December 7, 2010 price gap. Citi is historically a notorious gap-hunter, and this fact is true, particularly when the Treasury was involved with the company.
As it stands, after the elation (if not outright hysteria,) of the Treasury cashing in their remaining portion of shares this past December 7th, Citi appears to be returning to its old way of trending. If the nearby gap is reclaimed, the question stands to be will Citi actually go as far south as the final southern price gap at the $4.25 price level before returning north to greener pastures – or will shareholders be spared the long dwindle for it to be realized.
Citigroup Inc. (C) has a market value of $132,495,474,000 with 29,056,025,000 shares outstanding at the time of writing.