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:
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