Despite the hefty $2.7 billion 2nd quarter profits reported by the banking giant Citigroup Inc. or C as listed in the New York Stock Exchange, it’s stock value failed to rise last Friday. Instead, it fell sharply lower by 6.2% to $3.90 per share. Currently, they are the world’s largest financial services network with more than 15,000 offices worldwide spanning to more than a hundred countries. It’s one of the biggest banks in the United States along with JP Morgan Chase, Bank of America and Wells Fargo. However, during the 2008 financial crisis, some of the big banks were also the biggest losers like in Citigroup’s case as it almost went bankrupt if not for the huge cash injection by the US government.
Right now, there could be a 17-month symmetrical triangle in the stock chart of Citigroup Inc. and the value could remain to move sideways for the following months until it breaks out. If in case the stocks follow up last Friday’s decline, the symmetrical triangle’s support could hold on to the price. If it breaches below that level, the next support could be $3.53. If the market sentiments start turning positive, the Citigroup shares could ascend to the $4.30 resistance. Upon passing above the $4.30 level, the next marker could be the symmetrical triangle’s resistance.
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