Chart of the Week: Citigroup
This week we’re gonna be focusing on Citigroup; symbol C. So let’s take a look at the chart and see what we have going on.
Citigroup is one of the first few companies that delivered earnings this earnings season – a couple of Fridays ago. They came out and delivered pretty strong earnings, along with JP Morgan and Wells Fargo that day. Of course the stock got pounded that day, because the rest of the market did as well – but it’s made a nice recovery here.
The stock has made a nice recovery
We like the bottom that was made over here towards the middle of April. And now it’s making some higher highs and higher lows.
We have the MACD – it’s about ready to crossover here – you can see that right there. A nice crossover here underneath on the stochastics. Chaikin money flow is a little bit weak right here of course, but expect to see that improve over time.
We see the candles have been flickering back and forth between bullish, cautiously bullish, and actually neutral. So neutral is the amber color. It went from amber all the way to blue on Friday – from Friday to Monday. And then on Tuesday, today, April 23, we have the candles starting to make a move up here.
Some resistance – but strong volume
We do have some resistance here on this parabolic SAR – see the dots here on the top. If we can get that to flip over to the bottom side, it provides some really good support. You can see that – with real good support that drive that Citigroup made in February and through the entire month of March.
Good strong volume in the last couple of sessions. It’s not going to be lights out here, but I certainly could see this stock off the last earnings report making a move up towards the mid-$60s level over the next couple of months – $65-66 – so that would be a nice 8-10% move from current levels.
We like Citigroup here as one of the top banks in the finance world.
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