Like most other financial firms, Citigroup (C) has been under a lot of pressure in the last year. Increasing risks in the financial system (measured by a rising TED spread) have hiked investor uncertainty in the big banks, and sent share prices dramatically lower in the process.
But like other names on this week's list, Citi is benefitting from high correlations with the S&P.
Like Eaton and Annaly, Citi is forming an ascending triangle right now off of its fourth quarter lows. That triangle broke out in yesterday's session, sending a buy signal for traders watching this stock.While upside resistance at $34 does put a near-term price barrier on shares, traders looking for a short-term trade would do well to pay attention to this $91 billion bank. Keep a protective stop at the 50-day moving average. Citigroup is rated C- hold by TheStreet Ratings and shows up on a recent list of the Top Bank Stocks for 2012 From Credit Suisse. For another technical take on Citi, check out yesterday's "5 Stocks Poised to Break Out."
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