C closes higher for the 3rd day in a row
Citigroup Inc. (C) Technical Analysis Report for Apr 12, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, C finished the week 2.85% higher at 67.42 after gaining $1.51 (2.29%) today, strongly outperforming the S&P 500 (0.66%) ahead of Monday's earnings report. Today's close at 67.42 marks the highest recorded closing price since November 8, 2018. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (C as at Apr 12, 2019):
C is set to report earnings before tomorrow's market open. For the upcoming report, analysts expect the company to have earned $1.76 per share. The company's last earnings report was released on Jan. 14, 2019, when Citigroup Inc. reported earnings of $1.61 per share topping market expectations by 3.9%.
Friday's trading range has been $1.67 (2.49%), that's above the last trading month's daily average range of $1.26. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for C.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Stock Earning Report based market condition "Trading Day before Earnings Report" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Citigroup. Out of 28 times, C closed higher 53.57% 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 67.86% with an average market move of 1.26%.