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Citigroup, Inc. (NYSE: C) Potential breakdown of an ascending triangle consolidation should price fail to hold at the US$46.40 trendline support level.
1. The price has pulled back after retesting the strong resistance level at US$52.60 which has also acted as a key resistance in May and August 2022. 2. The price could trade lower should it fail to hold at the US$46.40 trendline support level of the current ascending triangle consolidation to retest support zone 1 at US$42.50-47.00. 3. Support zone 2 is at US$35.00-39.20 which is also confluent with a 78.6% Fibonacci retracement level at US$38.60, calculated using a swing high of US$75.32 and swing low of US$28.60. |
CHART LEGEND
Red box = Resistance zone
Green box = Support zone
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).
