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 $70's within a few days. That's the technical view but fundamentally, financials as a sector aren't that strong right now.
The price moved up a little overnight, not surprising. The price normally doesn't consolidate around this level but if it does that can indicate a bigger potential move in either direction (hopefully up).
Cheers.
Trade active
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Locking in some profit from NOV 19 68C's and 70c's. Just closed the short call side of my spread and now it's really printing. Congrats if you're in this trade.
Even though the Net Income is dropping every quarter it still financially sound. It's just that the first 2 quarters of 2021 posted some huge numbers that are hard to beat. Annually 2021 it's going to post a huge net income. I'm playing the scalp game as well. It'll keep bouncing in that 65 - 72$ channel.
DontSlamTheDoor
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@sycaway87, hope you caught that breakout!!! What a scalp that would've been. Friday expiry for scalps and it's only Monday, what a day!!!
I'm playing the scalp game as well. It'll keep bouncing in that 65 - 72$ channel.