CITIGROUP INC is setting up nicely for a breakout.

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


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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.

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