Is Citigroup Closing in to Resistance?
Published on Friday, 18 January 2013 08:36 Written by TradersHuddle Wire
New York, January 18th (TradersHuddle.com) - Shares of Citigroup Inc. (NYSE:C) are trading very close to calculated resistance at $43.25. The stock ended the trading session at just $41.24, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $34.07 and by the resistance level at $43.25; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Citigroup. However, as the stock pulls back towards $34.07 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $43.25 then traders will get an opportunity to enter the stock as it moves to a higher range.