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Tuesday, August 9, 2011

Citigroup Inc. (NYSE:C) Stock Analysis 8/9/11

By Tim -

The following is Citigroup Inc. ( C ) stock technical analysis for August 9, 2011

Citigroup Inc (NYSE:C) Support & Resistance Levels - 8/9/11

Resistance Levels: $31.30, $32

Support Levels: $26.25

Chart -

Citigroup Inc. (NYSE:C) stock was slaughtered on Monday as bank stocks took a major hit due to fears of another recession. Citigroup Inc has been in a nasty downtrend for most of the year but the stock fell apart after breaking down through $30 yesterday. Citigroup Inc. (C) is trading back up near $29 in pre market this morning so we could see a nice rebound. Citigroup is only a buy for a quick trade on a break above $30 right now. Citigroup will now have resistance up around $31.30. Citigroup Inc (C) may have put in a short term bottom at the $26.25 low on Monday and this is where I'd place my stop order.

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