Monday, December 13, 2010

Citiroup Approaching Eight-month-old Chart Gap (C)

Here's the chart since April 1:

Here's the tip, from NewsFuzion:
Citigroup Inc. (NYSE:C) stock approaches an eight month old bearish gap that was formed way back on April, 26 of this year.  Shares of Citi for the most part have ‘gone ballistic’ since the Treasury cut the cord, and today was no exception.  Volume slightly picked up over Thursday’s trading session and Citi has closed out today’s intraday session at its peak at the $4.78 price level.

Citi is also rapidly closing in on the 12-month high of $5.07 a share and if momentum manages to remain sustained should not have a problem exceeding it before 2010 rolls out in wake of 2011.  There is so much buying pressure underlying shares of Citi that on balance volume is on the verge of busting through an investor trading platform monitor – it is a sight to behold.

While not being particularly enthusiastic about price gaps left behind on Citi’s bullish drive as ‘C’ stock historically reclaims them well, short of a catastrophe they should remain irrelevant at this point in time.  Citi closes this week out with a 32 cent gain, Citi’s market value is pegged at $138,569,306,130 at the time of writing, and there are 29,050,169,000 shares outstanding.
The stock closed at $4.77 on Friday and traded up a penny after-hours.