Citigroup Inc. (NYSE:C) stock closes out a second consecutive weekly gain for the first time since February trading and is slowly accumulating positive price action support
Citigroup Inc. (NYSE:C) stock has recorded its first second consecutive weekly gain since February however heavy intraday consolidation kept positioning shares to close the week as they entered with the occasional positive ‘blip,’ despite this, Citi came through for shareholders. Citi began normal market hours to the downside but a two cent range has been predominant throughout the majority of trading, particularly just after 11 A.M. Eastern. Notable is Citi trading above the 50 SMA, where yesterday it closed above the moving average for the first time since February trading and continues to remain above still yet.
On balance volume continues to be an overall disappointment for long-positioned shareholders. Evident resistance is located at the $4.60 price level which has suppressed bullish momentum for three consecutive touches now. Intermediate bias however remains positive as daily lows continue to be higher overall, providing shares of Citi with support to make additional runs on the $4.60 price mark.
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 approximately 200 million customer accounts and does business in more than 140 countries. The company has a market value of $132,489,516,250 at the time of writing, with 29,118,575,000 shares outstanding.