Shares of Citigroup Inc are in the corridor 46-54$$ for two years on the weekly chart.
Breakup over 54$ was false, but the price didn’t form downtrend, but remained in the corridor. This show strong bull market.
The price twice returned to the upper boundary at 54$. After the first approach to the level of 54$ the price corrected to 48$ and rebounded sharply to the upper boundary of the corridor. The RSI thus tested the level of 50 and formed an uptrend. This also adds positivity to bull market.
Now prices are consolidating for three weeks in a narrow range below the level of 54$, which is a strong bullish signal. This gives grounds to expect break of a 54$ level.
The signal to open of position will be the level above 54$ by the end of the day.
The first target of the movement on the value of trade corridor 54+8=64$
Stop loss – 52$
Breakup over 54$ was false, but the price didn’t form downtrend, but remained in the corridor. This show strong bull market.
The price twice returned to the upper boundary at 54$. After the first approach to the level of 54$ the price corrected to 48$ and rebounded sharply to the upper boundary of the corridor. The RSI thus tested the level of 50 and formed an uptrend. This also adds positivity to bull market.
Now prices are consolidating for three weeks in a narrow range below the level of 54$, which is a strong bullish signal. This gives grounds to expect break of a 54$ level.
The signal to open of position will be the level above 54$ by the end of the day.
The first target of the movement on the value of trade corridor 54+8=64$
Stop loss – 52$