C pushes through Thursday's high
Citigroup Inc. (C) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, C finished the week 2.72% higher at 67.48 after gaining $0.40 (0.6%) today on low volume, outperforming the S&P 500 (-0.16%). Trading up to $0.65 lower after the open, Citigroup managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Tuesday, C actually lost -1.58% on the following trading day. Closing above Thursday's high at 67.44, the market confirmed its breakout through the previous session high after trading up to $0.28 above it intraday.
Daily Candlestick Chart (C as at Jun 14, 2019):
Friday's trading range has been $1.22 (1.82%), that's slightly above the last trading month's daily average range of $1.13. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for C. Prices continued to consolidate within a tight trading range between 66.50 and 68.03 where it has been caught now for the whole last trading week.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Prices are trading close to the key technical resistance level at 68.03 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 68.03 where further buy stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Citigroup. Out of 346 times, C closed higher 54.62% 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 55.20% with an average market move of 0.86%.