Tuesday, February 16, 2010

Technical Analysis on CITIGROUP

Citigroup ST: the downside prevails

Our pivot point stands at 3.5.
Our preference: As long as 3.5 is a resistance, we are bearish. In this case, the downside breakout of 2.85 will trigger a bearish acceleration towards 2.53.
Alternative scenario: Only the upside breakout of 3.5 will invalidate our bearish scenario. In this case, a recovery should shape towards 3.85 at first, and then 4.35.
Comment: The daily technical indicators are bearish and do not show any reversal signs.
Trend: ST consolidation; MT bearish.
Supports and resistances:

4.35 **
3.85 **
3.5 ***
3.23 last
2.85 ***
2.53 *
1.99 *

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