Indications Suggest NYSE:C Could Be on the Verge of a Breakout.

Our stock screener has flagged CITIGROUP INC (NYSE:C) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:C for potential movement.

Technical Analysis Observations

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Overall C gets a technical rating of 7 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, C is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• C is part of the Banks industry. There are 416 other stocks in this industry. C outperforms 90% of them.
• C is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so C is lagging the market slightly.
• In the last month C has a been trading in the 52.24 - 56.51 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, C did better than 71% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.

For an up to date full technical analysis you can check the technical report of C

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:C currently has a 9 as setup rating:

C has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 55.46, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:C be traded?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.