The following is a little Citigroup ( C ) stock technical analysis for March 30, 2009.Citigroup Support & Resistance Levels - 3/30/09
Resistance Levels: $2.77, $3.00, $3.35, $3.89
Support Levels: $2.54, $2.40, $2.00
After struggling the last few days to get back above $3.00, Citigroup stock has now closed back below both the 10 and 50 day moving averages. Although one day doesn't make a trend, it could be the start of one. Citi does have solid support at $2.40 so a close below that price would be very bearish and confirmation of another breakdown. $2.00 would be the next support level. A close back above $3.00 would be very bullish and I will even be a buyer. Keep an eye out for earnings coming April 17, 2009.
Something else to keep in mind, the last big down leg in the stock market started with Citigroup stock breaking down. It is unclear whether the market will continue to follow Citi's stock trend but this is the first sign of technical weakness I have seen over the past three weeks. It is definitely something to keep an eye on!
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