Citigroup 2 Trade setups for C
Posted on May 5, 2010 by trader21 in GLOBAL CHART ANALYSIS
We see a couple of short term trade opportunities arising in Citigroup. Overall we are still bearish on the stock but that doesn’t mean there can’t be some interesting short term setups.
Click here to see this entire report with its charts.
Here is what we see.
Citigroup had a sharp selloff earlier in Wednesday’s session which caused it to break below its 50 day moving average and come close to reaching its 200 day moving average down at the $4.00 level. It has since reversed and pulled its head back above the 50 day moving average level indicating some short term support.
Click to enlarge chart
We see 2 plays here:
Trade #1 If C can break above the $4.28 level it could make a short term run of around 6-9% until it hits resistance again. You could play this with stops around the $4.15 level or if you want to give it more wiggle room the $4.00 level.
Trade #2 If C can close up at the high end of its range here and preferably holding the 50 day moving average level, one can take a swing trade if the stock can break above the highs of Wednesday’s session
The price target would be the same as above $4.48-$4.68 and stops at $4.15-$4.00
We do not necessarily feel this market selloff is over so be careful initiating any new positions at this point in time. A market reversal today may be enough for us to call off any new trades as the dust has not quite settled yet.
Are you looking for daily lists of stocks that make quick moves like this?
If you aren’t a member yet try our service for 7 days . TRY NOW
For more trade ideas visit us at www.globalchartanalysis.com
Thanks,
www.globalchartanalysis.com
www.betterstockentries.com
Disclaimer: Global Chart Analysis and www.betterstockentries.com (“Company”) is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company’s website, or in its publications, are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company’s products (collectively, the “Information”) are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company’s website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading and may not be impacted by brokerage and other slippage fees. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. www.betterstockentries.com603 S. Prospect Ave
Redondo Beach, CA 90277
Trackbacks/Pingbacks
[...] Citigroup 2 Trade setups for C | Better Stock Entries [...]
[...] Citigroup 2 Trade setups for C | Better Stock Entries [...]
[...] Citigroup 2 Trade setups for C | Better Stock Entries [...]