today we'll perform technical analysis on citigroup inc (C) allowing online market trading on this stock .
looking at the weekly graph we find few findings:
1- cross of MA11 downward has always generated a strong downtrend in the latest we reached the minima of 24.05$.
2- the stock had a support line which rays to 45$, was broken and has become a resistance.
3- the stock broke the support line at 29.23.
4- stock value couldnt penetrate the MA11 at 29.2355$
5- MACD is showing bullish divergance sign.
6- RSI is long.
taking all this into account we conclude the following actions:
1- enter long on upward break of 29.23$ first target 35.2$.
2- a failure to break 29.23 (after checking) would lead to another bearish wave (short).
to all citigroup stock holders, buying few puts is recommended to hedge the holding.
Tuesday, February 5, 2008
Citigroup Inc (C) Technical Analysis
That's all for today ... thanks for reading the post,
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have a nice day,
Shadi
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