CITIGROUP INC is setting up nicely for a breakout.

CITIGROUP INC (C)       47.84   -0.57 (-1.18%)

News Image
CITIGROUP INC is setting up nicely for a breakout.8 days ago - Chartmill

CITIGROUP INC (NYSE:C) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:C.

C Daily chart on 2022-11-23

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 7 out of 10 to C. In the last year, C was an average performer in the market. There are positive signs in the very recent evolution, but the medium term picture is still mixed.

  • The long term trend is still neutral, but the short term trend is positive, so the stock is getting more and more appreciated by traders and investors.
  • C is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
  • When comparing the performance of all stocks over the past year, C turns out to be only a medium performer in the overall market: it outperformed 43% of all stocks.
  • C is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.

Why is NYSE:C a 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 8 as setup rating:

Besides having an excellent technical rating, C also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 49.35. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 48.65, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for C in the last couple of days, which is a good sign.

How can NYSE:C be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:C and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout analyzer.


C Links

C News

News Image17 minutes ago - Market News VideoInteresting C Put And Call Options For January 2023News Image8 hours ago - Industrivärden, ABNet asset value as per November 30, 2022

On November 30, 2022, net asset value was SEK 295 per share. The closing price on November 30, 2022, was SEK 268.00 for the Class A shares...

News Image8 hours ago - Industrivärden, ABSubstansvärdet per den 30 november 2022

Den 30 november 2022 var substansvärdet 295 kronor per aktie. Sista stängningskurs den 30 november 2022 var 268,00 kronor för A-aktien och 266,10 kronor...

News Image20 hours ago - Citigroup Inc.Citi CEO to Present at Goldman Sachs 2022 US Financial Services ConferenceNews Imagea day ago - Industrivärden, ABNew number of votes and shares outstanding

Where the company increases or reduces the total number of shares or votes in the company, the company shall by law publish information regarding the...

News Imagea day ago - Industrivärden, ABNytt antal röster och utestående aktier

Bolaget har en skyldighet enligt lag att offentliggöra uppgifter om en förändring i totala antalet aktier eller röster i bolaget. Vid årsstämman 2011...

News Imagea day ago - ReutersCiti sees global growth to slow below 2% in 2023

Citigroup on Wednesday forecast global growth to slow to below 2% next year, echoing similar projections by major financial institutions such as Goldman Sachs, Barclays, and J.P. Morgan.

News Imagea day ago - Yahoo FinanceCiti sees global growth to slow below 2% in 2023

Strategists at the brokerage cited continued challenges from the COVID-19 pandemic and the Russia-Ukraine war — which skyrocketed inflation to decades-high levels and triggered aggressive policy tightening — as reasons behind the outlook. "We see global performance as likely (being) plagued by 'rolling' country-level recessions through the year ahead," said Citi strategists, led by Nathan Sheets. The Wall-Street investment bank also expects growth in the U.S. economy to more than halve to 0.7% in 2023 from its earlier projection of 1.9% growth in 2022.

News Image2 days ago - BloombergAdvent Fund Assets Frozen By Mexico Judge Amid Fraud Case

Judge temporarily froze assets of funds run by Advent International, including Mifel, a bank that is bidding to buy Citigroup’s Banamex unit.

News Image2 days ago - Seeking AlphaFoot Locker CFO Page exits company, announces new top execs

Foot Locker said chief financial officer Andrew Page will exit the company after Q4 results, and the shoe retailer announced appointments of several new senior executives.

News Image2 days ago - BloombergCiti Banker Says Wall Street’s Cuts Are Culls, Not Mass Pullback

Recent job cuts across Wall Street are the typical culling of underperformers rather than a sign the industry is undergoing a mass retrenchment, said a top Citigroup Inc. banker.

News Image2 days ago - InvestorPlace7 Airline Stocks Investors Should Put on Their Christmas Lists

These top airline stocks to buy should soar thanks to a busy holiday season, especially with millions of Americans traveling again.

Follow us for more