JPMorgan, Citigroup and Wells Fargo are going to publish their quarterly earnings reports on Friday.JPMorgan’s Earnings per share (EPS) is expected to be at $3.03 and its revenue is forecasted to be $29.89 billion.
Wells Fargo is expected to report EPS at $1.12 and revenue at $18.9 billion, while Citigroup is seen to report EPS at $1.38, and revenue at $16.75 billion.According to Refinitive polls the strongest upside potential is expected to be seen from the Citigroup stocks at $80.47 per share, or with an uprise of 18.72% of the current prices.
Let’s look closer at the technical incentives of this possible spike. Firstly, stocks are moving within the upward trend that started in March 2020, and the last time this trend line has reached was at the end of 2021. The recent upside wave started on December 20, 2021.
However, the upside potential at the moment is limited by the resistance line of the junior downside trend from February 2021. This junior trend was approached by the price from the downside for the fourth time. This increases the chances of a possible breakthrough. Once successful, if the price surpasses the $68.70-69.00 area, it would lead the price to the previous highs at $80-83 per share. The last time Citigroup stock prices were located at $80.29 and at $80.70 was in June 2021 and January 2018 respectively. The all-time high for the stock prices was established at $83.11 in January 2020.
So, technically there are no reasons to stop the climb after stock prices would break above $69.00 per share. However, even the ongoing attempt of a breakthrough would be less successful this time so Citigroup stocks should not be left behind, as they may perform a short downside correction to $64.50-65.00 to the crossing of the EMA21 and EMA55 moving averages on the daily chart. From this zone buy operations could be resumed as the next attempt of an upside breakthrough could finally succeed.
Wells Fargo is expected to report EPS at $1.12 and revenue at $18.9 billion, while Citigroup is seen to report EPS at $1.38, and revenue at $16.75 billion.According to Refinitive polls the strongest upside potential is expected to be seen from the Citigroup stocks at $80.47 per share, or with an uprise of 18.72% of the current prices.
Let’s look closer at the technical incentives of this possible spike. Firstly, stocks are moving within the upward trend that started in March 2020, and the last time this trend line has reached was at the end of 2021. The recent upside wave started on December 20, 2021.
However, the upside potential at the moment is limited by the resistance line of the junior downside trend from February 2021. This junior trend was approached by the price from the downside for the fourth time. This increases the chances of a possible breakthrough. Once successful, if the price surpasses the $68.70-69.00 area, it would lead the price to the previous highs at $80-83 per share. The last time Citigroup stock prices were located at $80.29 and at $80.70 was in June 2021 and January 2018 respectively. The all-time high for the stock prices was established at $83.11 in January 2020.
So, technically there are no reasons to stop the climb after stock prices would break above $69.00 per share. However, even the ongoing attempt of a breakthrough would be less successful this time so Citigroup stocks should not be left behind, as they may perform a short downside correction to $64.50-65.00 to the crossing of the EMA21 and EMA55 moving averages on the daily chart. From this zone buy operations could be resumed as the next attempt of an upside breakthrough could finally succeed.
