New York, March 12th (TradersHuddle.com) - Shares of Citigroup Inc. (NYSE:C) closed the trading day at $3.97 well above its calculated resistance at $3.47, which was calculated from a peak and throughs algorithm, making traders worry about a possible pull back in the stock price.

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 broke out of its defined range that had support at $3.11 and resistance at $3.47. Now the stock is working on developing a new trading range, which should be defined by the high setup after this breakout and its probable support, which could be its previous resistance level $3.47.

From a technical perspective traders should wait to establish a position in Citigroup until a base in the stock develops that can provide good reference points to the upside and most importantly to the downside, for traders have a risk reference point before entering into a position on Citigroup stock.