Citi Group doesn’t have much to brag about from a long-term perspective, as it remains 80% off its highs back in 2006. Citi has a good deal to brag about, per the gains it has achieved from its 2009 lows (Up several hundred percent).
A few months ago Citi faced a dual resistance test at (1), where enough buyers came forward and a breakout took place. Citi rallied nearly 20% in short order following the breakout at (1).
Rally - Months - Citi - Resistance - Test
The rally over the past few months, has Citi facing another resistance test at (2), which comes into play at the $77 zone. If Citi can find enough buyers and strength to take out this key resistance zone, it could attract a good deal of buyers as the price of Citi waterfalled in price between the $150 and $77 level. Potential reversal of this waterfall pattern about to take place? We humbly feel what Citi does at current levels will be highly important for it months from now.
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