C closes higher for the 3rd day in a row
Citigroup Inc. (C) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, C finished the week 2.83% higher at 56.69 after gaining $0.25 (0.44%) today, slightly outperforming the S&P 500 (-0.01%). Today's close at 56.69 marks the highest recorded closing price since December 10, 2018. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (C as at Jan 11, 2019):
Friday's trading range has been $1.39 (2.46%), that's below the last trading month's daily average range of $1.81. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for C. Prices continued to consolidate within a tight trading range between 54.76 and 57.42 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on Monday, C actually lost -0.27% on the following trading day.
Prices are trading close to the key technical support level at 55.83 (S1).
Though Citigroup is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Citigroup. Out of 156 times, C closed higher 51.28% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.77% with an average market move of 1.39%.