Technical Signals Point to a Possible Breakout for CITIGROUP INC.

Our stockscreener has identified a possible breakout setup on CITIGROUP INC (NYSE:C). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:C for potential opportunities.

Technical Analysis Observations

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.

Taking everything into account, C scores 9 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, C did better than 83% of all other stocks. On top of that, C also shows a nice and consistent pattern of rising prices.
• C is one of the better performing stocks in the Banks industry, it outperforms 86% of 403 stocks in the same industry.
• C is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so C is performing more or less in line with the market.
• In the last month C has a been trading in the 67.92 - 73.38 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

Our latest full technical report of C contains the most current technical analsysis.

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:C this score is currently 9:

Besides having an excellent technical rating, C also presents a decent setup pattern. Prices have been consolidating lately. 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 72.15. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 68.85, 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 strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order 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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.