Citigroup stock price has edged aggressively lower during the last couple of trading days, recording a significant sell-off session on Wednesday. Prices broke below the mid-level of the Bollinger Band and the 40-day simple moving average (SMA), approaching the lower Bollinger Band. Also, the stock printed a new one-month low near 69.87, below the short-term ascending trend line.
Short-term momentum indicators are also pointing to a continuation of the bearish bias. The RSI indicator dipped below the threshold of 50, while the MACD oscillator fell below the trigger line and is ready to enter the negative zone.
Should price continue the downside tendency below the lower Bollinger Band, immediate support would be found near the 68.86 hurdle. Below that, the 68.00 handle is another major support, but further losses could hit the 66.13 barrier, taken from the low on July 13.
In the event of an upside reversal, the 40-SMA and then the 20-SMA at 71.45 and at 72.30 at the time of writing could act as barriers before being able to re-challenge the 73.90 resistance. A break above this region would endorse again the short-term bullish bias as it would take the stock towards the 75.20 hurdle, where it topped on September 21.
However, for a resumption of the short-term uptrend, which was halted in June 26, Citigroup would need to beat the six-month high of 75.20.
Citigroup stock price has edged aggressively lower during the last couple of trading days, recording a significant sell-off session on Wednesday. Prices broke below the mid-level of the Bollinger Band and the 40-day simple moving average (SMA), approaching the lower Bollinger Band. Also, the stock printed a new one-month low near 69.87, below the short-term ascending trend line.
Short-term momentum indicators are also pointing to a continuation of the bearish bias. The RSI indicator dipped below the threshold of 50, while the MACD oscillator fell below the trigger line and is ready to enter the negative zone.
Should price continue the downside tendency below the lower Bollinger Band, immediate support would be found near the 68.86 hurdle. Below that, the 68.00 handle is another major support, but further losses could hit the 66.13 barrier, taken from the low on July 13.
In the event of an upside reversal, the 40-SMA and then the 20-SMA at 71.45 and at 72.30 at the time of writing could act as barriers before being able to re-challenge the 73.90 resistance. A break above this region would endorse again the short-term bullish bias as it would take the stock towards the 75.20 hurdle, where it topped on September 21.
However, for a resumption of the short-term uptrend, which was halted in June 26, Citigroup would need to beat the six-month high of 75.20.
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