Good Morning!
Citi Group has been in this channel for a few months now. A key level for me to take a neutral-bullish trade was the $66.50 area. The support and resistance zones are fairly clear. I believe we will see Citi climb back up to the $71-$72 area. I like stock for Citi Group as this company is cheaply priced and a good stock to own.
My first two PT's are easily achievable, and based on historical chart data we will be back in the $70's within a few days. That's the technical view but fundamentally, financials as a sector aren't that strong right now.
The price moved up a little overnight, not surprising. The price normally doesn't consolidate around this level but if it does that can indicate a bigger potential move in either direction (hopefully up).
Cheers.
Citi Group has been in this channel for a few months now. A key level for me to take a neutral-bullish trade was the $66.50 area. The support and resistance zones are fairly clear. I believe we will see Citi climb back up to the $71-$72 area. I like stock for Citi Group as this company is cheaply priced and a good stock to own.
My first two PT's are easily achievable, and based on historical chart data we will be back in the $70's within a few days. That's the technical view but fundamentally, financials as a sector aren't that strong right now.
The price moved up a little overnight, not surprising. The price normally doesn't consolidate around this level but if it does that can indicate a bigger potential move in either direction (hopefully up).
Cheers.
Trade active:
Locking in some profit from NOV 19 $68c's and $70c's. Just closed the short call side of my spread and now it's really printing. Congrats if you're in this trade.