C breaks key support level
Moving lower for the 4th day in a row, C finished Thursday at 66.16 losing $1.13 (-1.68%) on high volume. Today's closing price of 66.16 marks the lowest close since May 29th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 67.22, the stock confirms its breakout through the prior session's low having traded $1.27 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Thursday's trading range was $1.66 (2.46%), that's far above last trading month's daily average range of $1.13. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 66.46 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 65.20, downside momentum could accelerate should the market break out to new lows for the year.
Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only bearish while our quantitative statistics show a very bearish sentiment.
Market Conditions for Citigroup Inc.
|Close to R1 Resistance||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
|5 Consecutive Higher Closes||TQ Pro Members Only|
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