Based on good technical signals, CITIGROUP INC is potentially setting up for a breakout.

Our stock screener has spotted CITIGROUP INC (NYSE:C) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:C.

Analyzing the Technical Aspects

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 8 out of 10 to C. Both in the recent history as in the last year, C has proven to be a steady performer, scoring decent points in every aspect analyzed.

• 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 412 other stocks in this industry. C outperforms 81% of them.
• C is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so C is leading the market.
• In the last month C has a been trading in the 56.74 - 63.35 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, C did better than 83% of all other stocks. However, this overall performance is mostly based on the strong move around 4 months ago.

Check the latest full technical report of C for a complete technical analysis.

How do we evaluate the setup for NYSE:C?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:C is 8:

Besides having an excellent technical rating, C also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 63.25. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 59.56, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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

Disclaimer

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.