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
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
Featuring regular TA posts and requests to analyse specific stocksI 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).