Stock of the day: Citigroup

By Tomasz Wisniewski|

Published: October 31 2022, 08:12 GMT+0

Stock of the day: Citigroup

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The reversal on the stock market is a fact, and thanks to that reversal, we have plenty of buying opportunities on the market.

In today’s analysis we’re taking a look at a fresh one – a buy signal on Citigroup which emerged on October 25th and was just confirmed on Friday.

The reason why we’re bullish is that Citigroup created a nice inverse Head and Shoulders pattern (yellow) throughout October. On October 25th, the price broke its neckline (black), triggering a buy signal. Then, on Friday, the price used that neckline as a support, which gave us a confirmation. What’s more, is that it rose above the 45.5 USD resistance (lower blue), which was a crucial support at the middle of the year.

With all that, the buy signal is ON. So, let’s look at potential targets for an upswing.

The first one is the lower red line, which connects the lower highs and has done so since the beginning of the year. The second one is the horizontal resistance around 54 USD (upper blue) and the third one is the upper red line, which has connected the lower highs since June 2021.

At this point, reaching the 54 USD is the least buyers can expect to happen.

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