Citigroup Inc. (NYSE:C) stock rebounds from key 2010 support level during Monday trading and trends north during Tuesday's trading session
Citigroup Inc.’s (NYSE:C) bearish free-fall was halted yesterday near resistance of the $41 dollar mark which has been a significant support level since November of 2010. It was broken yesterday by one cent during the open of the normal market session following a short burst of high volume before rising again. Shares used to be $4.10 per share so with shares going for $41 dollars in comparison it’s not entirely unexpected to see a ‘false break’ by the margin of a petty penny when price used to be ten times less.
On the daily chart Citi is trading underneath every generally acknowledged moving average however on balance volume (OBV) remains higher today than when shares were trading for (now) the same price as they had been during November trading of 2010. OBV is essentially the only indicator showing positive sentiment underlying shares at this time.
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 $120,317,972,560 at the time of writing, with 2,911,858,000 shares outstanding.