Stock market: insights for Citigroup

Stock market: insights for Citigroup

Trade idea

SELL 69.70; TP 68.40; SL 70.00

Citigroup stock jumped this week after the bank released its financial results for Q1. The figures were mixed. On the one hand, earnings beat expectations. On the other hand, revenue fell.

The stock met the resistance of the line connecting 2018 highs in the 70.75 area. The price is overbought, so a correction to the 100-week MA at 68.40 is likely. This level will likely provoke a new demand. When the stock manages to fix above 70.80, it will open the way up to 73.00 and 75.20. Only above 70.80 we will be ready for buying.

Citigroup 17.png

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The USD is helped by the demand for it as a safe haven and the lack, while the CAD is pressured by the declining oil prices.

Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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