Citigroup Inc (NYSE:) has had a nice run this month. At this morning’s peak, the stock was up over 25% from the October close. Today, Citigroup received an upgrade from KBW. In addition to KBW’s bullish comments we believe last week’s key trendline break will carry shares higher in the near term. Citigroup is heading for its first weekly close above its 200-day moving average since Feb. 21. The key hurdle will be the $54.00 area (September highs). Support is in place from the $50.00 to $48.00 area.
On the downside, a close back below $46.00 would violate last week’s low, indicating more basing is ahead.
Note: We are long Citigroup in some managed accounts.
You can read Gary S. Morrow’s original post here.
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