Technical pulse: Citigroup Inc. July 29, 2021 845

 

 

 

 

 

Citigroup Inc (US: C) Downside sub-corrective is heading for a reversal after recent technical indicate a potential upside. However, we believe that the larger correction is not yet over:

 

  1. Citigroup has briefly broken out of the falling wedge formation yesterday, which is a good indication of more bullish upside to come.
  2. The smaller inverted head and shoulder formation is preparing to stage a breakout to the upside. If US$70.00 able to break, we could see a stronger upside confirmation.
  3. The RSI is showing double bullish divergence; hence we are able to see a strong upside.
  4. Although prices are trending below the 63-period moving average, the above-mentioned price action indicate that there is a high probability of reverting to its mean at 63-period.

 

 

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

CHART LEGEND

 

Moving Average

Red dotted line = 200 periods MA

Blue dotted line = 63 periods MA

 

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