The following is technical analysis for Citigroup ( C ) stock for 11/25/08.
Citi C Support and resistance Levels - November 25, 2008
Resistance - $6.25-$6.50 & $7.75
Support - $6 & 5.25
Citigroup ( C ) stock has rebounded over the past two trading days but its coming up on resistance from Wednesday and Thursday's trading areas. Citigroup stock has resistance between $6.25-$6.35 all the way up until to $7.75 which is the 10 day moving average. I think if you get a close over $6.35 you could very well see $7.75 in the near future. Use these levels for a tight stop however. The real breakout point would be a close over yesterday's high of $6.50...this would bring in more technical buyers and shorts who will cover. If you want to be even safer, wait for Citi to close over the 10 day moving average for a few days. C stock has support at $5.25 but a close below this level would be very bearish and the sellers will come back. Bottom Line: I will be waiting for a close over $6.50 to get long Citigroup but will then use the same $6.50 as a stop to limit downside risk. For more technical analysis, go HERE
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