Citigroup Inc (C) stock is exploding higher today due to fund manager Bruce Berkowitz saying that shares are cheap! Berkowitz says that shares of Citigroup are cheaper then It's peers and the company has an improving balance sheet.
Another reason for the Citigroup spike is due to the company possibly getting off of the preferred offering.
Citigroup is now above the 200 day moving average located around $3.76. A close above this level would be very bullish!
I will have more technical analysis of Citigroup Inc tomorrow. The next resistance level is located at $4.00.
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