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Citi Holds the 50-day SMA

Long
NYSE:C   Citigroup, Inc
Financial stocks have bounced in the last two weeks, and Citi is one of the biggest members of the group.

A few patterns stand out on the banking giant’s chart. First is its breakout above the 50-day simple moving average ( SMA ), followed by a pullback to hold that line.

Next is the late June highs around $71.50, near the current level.

Third, notice how the 8-day exponential moving average ( SMA ) is now above the 21-day EMA . This may indicate shorter-term momentum has grown more bullish . In addition, MACD has been rising for almost a month.

Overall, C is one of the weaker names in the financial space. However this current setup may offer more apparent entries than stronger stocks like Goldman Sachs and Wells Fargo . It also stands to benefit if the current rotation toward value continues and the Federal Reserve tapers (as officials like Raphael Bostic and Richard Clarida have suggested this month).

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