Trade of the Day – Citigroup, Inc (NYSE: C) August 10, 2023 267

Trade of the Day

Citigroup, Inc (NYSE: C)

(Current Price: US$44.40) – TECHNICAL SELL

Sell price: US$44.40     Stop loss: US$46.20   

Take profit 1: US$41.50    Take profit 2: US$38.30

 

 

The price has broken down of a consolidation triangle formation, coupled with a breakdown of the higher low at US$45.20 formed on 3 August.

 

Should the price continue its recent bearish momentum, it could retest the first support level at US$41.50, which is confluent with swing low supports formed in December last year and March this year. It could then head to the next support level at US$38.30, confluent with a swing low formed in October last year.

Expected timeline of the trade is 4-12 weeks from the date of report issuance.

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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