C closes higher for the 3rd day in a row


Citigroup Inc. (C) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

C dominated by bulls lifting the market higher throughout the day
C closes higher for the 3rd day in a row
C pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, C ended Thursday at 46.02 gaining $4.16 (9.94%), significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 44.70, the share confirmed its breakout through the prior session high after trading up to $1.58 above it intraday.

Daily Candlestick Chart (C as at Mar 26, 2020):

Daily technical analysis candlestick chart for Citigroup Inc. (C) as at Mar 26, 2020

Thursday's trading range has been $3.28 (7.51%), that's below the last trading month's daily average range of $4.40. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for C.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Tuesday, C gained 2.95% on the following trading day.

While 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 eight 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 152 times, C closed higher 52.63% 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 58.55% with an average market move of 1.21%.


Market Conditions for C as at Mar 26, 2020

Loading Market Conditions for C (Citigroup Inc.)...
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