UPDATE: "Vikram Pandit: Banker of the Year (Yes, Really)" (C)
I don't know if OBV has as much predictive power as it did when Joe Granville invented it in 1963. It's also a bit simplistic but on the other hand that makes it handy.
Citigroup Inc. (NYSE:C) stock has gaped up and hit the $4.00 price level. Citigroup’s stock has seen bullish buying pressure for five consecutive trading days so far. “C” stock has to rise above $4.00, beyond $4.02 seen on 6/28, and above major resistance at the $4.08 price level that has been impenetrable. That is what shares of Citi has to do to formally signal a bullish trend.
Yesterday’s close of Citigroup was for $3.90 per share, opening for today’s NYSE normal market hours trading session at $3.95 per share. Just 35 minutes into the normal market trading hours “C” bounced off the $4.00 price level. Currently, Citigroup’s stock is consolidating after reclaiming the gap posted from this morning, ranging between a tight intraday channel of $3.92 up to $3.96 before choosing a direction.
So far, the intraday range of Citigroup is a low of $3.92 seen at 11:00 A.M. Eastern, up to the high of $4.00, for a tight 0.08 point range before noon. OBV has increased to its highest level witnessed within 44 trading days. The gap from this morning has already been reclaimed as stated, the chart looks healthy, now it is time to observe what is going to be the result for the rest of the day.