timwest

Citigroup - 2 hour bars back to July high

NYSE:C   CITIGROUP INC
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The downward sloping trendline that I have drawn and placed arrows above the three touchpoints. I use the "HIGHEST LOW" to draw the line instead of the "highest high" in the rally. Why? Because that gives an earlier heads up when a turn is happening. Call it a "technical-tim-trendline", but otherwise it is an "internal trendline". The logic and the reasoning is the following: The earlier sellers should be more aggressive in the earlier part of a trend, so after rallies, the sellers should be there to drive the price back down. As the sellers back away and the buyers begin to take over, this method will pick up on the trend shift a bit sooner. The risk in a trade here is a drop back to $25 (-$1 or 4%) and the upside is to $28 (+$2 or 8%) from the $26 level now ($26.07 as of 1:04PM)
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Comments

Citigroup reached the target +8% today at $28. If you wont sell, then raise your stop to breakeven or $27. $28-$30 is significant resistance. By: Technical TIm 6:01PM EST 10/11/11
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