I have recorded a review for Citigroup (C), a widely followed and highly participated stock traded on the NYSE. Hereunder is my video review:
The stock has long-term resistance at 37.80 and this area has been tested three times in 2012. The most recent test came last Friday. On the larger weekly timeframe the stock is trading sideways with an upward bias, but below 41.80 both the bullish and bearish scenarios are possible:
1) bullish scenario: the stock found support and long setup in the 32.20 area late in September and reached the first target in 36.6 but was not able to make it to the second target in the 38.90 area. The next measured move long came in the 34 area that traded almost to the tick. This long setup has first target in the 40.90 area and second target in the 44.50 area.
2) bearish scenario: should the general market (S&P500) start moving lower this stock is likely to follow. It has support in the 35.90 area which could be tested in the coming days. Below 35.40 the support is at 34. If price gets there this would be a second, dangerous test and should price slice below 32.80 we should consider a retest of the bottom of the large weekly sideways channel, with prices back in the 25.00 area.
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