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Possible Bullish Inside Day Candle Pattern Detected for Citigroup Inc (NYSE:C)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Citigroup Inc (NYSE:C) based on the price action in the company's shares. Yesterday's price range of $70.30 and $70.87 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Citigroup Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Citigroup Inc has overhead space with shares priced $70.43, or 16.5% below the average consensus analyst price target of $84.33. Citigroup Inc shares should encounter resistance at the 200-day moving average (MA) of $72.55 and support at the 50-day MA of $70.42.

Over the past year, Citigroup Inc has traded in a range of $59.10 to $80.70 and closed yesterday at $70.43, 19% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

SmarTrend is monitoring the recent change of momentum in Citigroup Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Citigroup Inc in search of a potential trend change.

Keywords: bullish am inside day candle citigroup inc

Ticker(s): C