Citigroup unwinding ?

A look at a 2 year chart and 7 month chart of Citigroup tells us where we might be heading.

Looking at the 2 year chart :

  • Trend is upward
  • will face a resistance at 4.75

A look at the 7 month chart :

  • Resistance at 4.3 was broken
  • volume was up recently, which is a necessary support of the break-out action
  • 50d MA and 200d MA have been winded around each other for the last 7 months, but the 50d MA seems to “leave” the 200d MA towards the upside.
  • A small position can be taken, with 4.3 as a support. A break of the 4.75 level is the sign for increasing positions

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s