Citigroup Moving Above Resistance

Published on Monday, 08 March 2010 19:56 Written by Danny Miller

New York, March 8th (TradersHuddle.com) - Shares of Citigroup Inc. (NYSE:C) closed the trading session at $3.56 just above calculated resistance at $3.47 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Citigroup Inc. (NYSE:C) is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. Its services include investment banking, retail brokerage, corporate banking, and cash management products and services.

Citigroup's stock was trading in a well defined range with support at $3.11 and resistance at $3.47, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Citigroup's stock is still near the broken resistance level, traders will be focusing on $3.47 to see if the stock holds the breakout without rolling over.