You are here: Home > articles > Forex > Technical Analysis – Citigroup bulls ready to see light at the end of the tunnel?
Technical Analysis – Citigroup bulls ready to see light at the end of the tunnel?
May 10, 2023 8:25 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Citigroup survived the mid-March madness, but it has failed to make sustainable gains despite touching 50.35 on April 19. It is currently hovering below the January 16, 2015 low of 46.65, around 12% lower than the February 2 high and comfortably inside the 42.81-54.30 range that has been dominating the price action since March 2022.
It has been a tough period for the bulls, but they could finally see light at the end of the tunnel. The Average Directional Movement Index (ADX) has dipped below the 25-threshold and hence preparing the ground for a new trend soon. More importantly, the stochastic oscillator is trying to break above both its oversold area and moving average. A convincing move higher could be a bullish signal. Alternatively, a failed attempt from this indicator would invigorate the bears. Interestingly, the convergence of the simple moving averages (SMAs) is screaming that a sizeable move is on the cards.
Should the bulls decide to stage a rally and break the 46.65 level, they would face a key area. The trifecta of SMAs and the December 26, 2018 low populate the 47.17-48.39 range. A successful break of this area means that the May 30, 2013 high of 53.55 could be within the grasp of the bulls.
On the other side, the bears appear to be targeting the lower boundary of the recent rectangle at 42.81. But they must successfully clear the June 24, 2013 and July 14, 2022 lows of 45.04 and 43.34 respectively first.
To sum up, Citigroup bears remain in control through a series of lower highs. The bulls are anxious for a rally, but they need assistance from the stochastic oscillator.
Related Posts: