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Nearest Resistance: $31
Nearest Support: $29
Catalyst: CDO Suit Settlement
>>10 Bank Stock Value Picks
Last up is big bank
Citigroup(C - Get Report), a stock that's getting ample attention today after news that the firm agreed to pay $590 million to settle a lawsuit over misrepresenting exposure to toxic CDOs after the real estate bubble burst. Ultimately, the settlement is a slap on the wrist for Citi, and isn't likely to have a big impact on its share price despite the extra trading volume it's spurring.
Shares are close to $29 support right now, still in an uptrend from the stock's double bottom back in late July. For Citi bulls, this throwback to $29 is a good second chance at a low-risk entry point.
Just keep a tight stop under that $29 level if you want to be a buyer here.
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-- Written by Jonas Elmerraji in Baltimore.