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.