Friday, October 01, 2010
Long Citigroup
By Mike Paulenoff
Apart from the convoluted fundamentals in Citigroup (C) -- with government ownership, sale and influence -- my technical work is telling me to get long. The chart pattern has the look a price structure that's on the verge of thrusting to the upside to enter a secondary powerful upleg off of the low at 3.63.
insert.a.chart.C
The optimal swing target is 4.20/22, and an outside target zone is 4.38-4.44 thereafter. Only a decline that breaks 3.89 will compromise the current bullish set-up.
