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
GS
and
WFC
. 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).
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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
GS
and
WFC
. 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). TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
