August 14, 2009 - Shares of Citigroup Inc (C:NYSE) are spiking above $4.20 in pre market this morning after Bank of America/Merrill is upgrading shares from Underperform to Buy.
Citigroup shares have been on fire lately due to improving stock market conditions as well as huge index buying. There is major resistance located in the $4.40's with the 200 day moving average located at $4.49. A close over the 200 day moving average would be big and a run toward $5 would occur.
If Citigroup closes over $5, I believe you would see additional heavy buying as Mutual Funds get back in due to the stock being over $5 again. Some funds even wait until $5.50-$6.
Keep an eye on this situation!
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