Smoking Securities

Half Baked High Finance

Twitter Ticker ($C)

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C090709StockTwits is buzzing about $AIG, but since that mess was discussed here last week, it’s time to look at another financial player, Citigroup. The last post on C is here, made on March 10th, suggesting a 120% rally in the works.

C continues to enjoy the benefits of an uptrend, but after issuing a sell signal on June 17th, it trades on a flat moving average below a descending upper Bollinger. A 2nd bounce off of support around 2.64 is possible, but if C breaks 2.49, things could get really ugly and lead to a retest of the March lows.

Mixed signals in a relatively negative market usually makes me cautious, but a rally back to 3.18 before a break of 2.49 is possible. There are plenty of other financial institutions in much better shape than Citigroup, so it is probably best to hunt someplace else.


Written by chucklesamadeus

July 9, 2009 at 1:52 pm

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