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Nearest Resistance: $38
Nearest Support: $35
Catalyst: Technical Setup
Citigroup(C - Get Report) is one of those stocks that makes a perennial appearance on the list of the most active stocks out there. But even though big news isn't sparking a wave of buying and selling in Citi today, the technical setup that we're seeing in shares is worth talking about right now.
>>5 Bank Stocks Bernanke Can't Hurt Anymore
From a technical standpoint, Citigroup looks a whole lot like Bank of America - not a huge surprise since they're two very comparable companies in the same industry. The big difference with Citi is that this stock broke out above its corresponding resistance level today, putting the stock a step ahead BofA. The breakout means that buyers are in control of Citi here.
While I'd offer the same caveat about buying C that I did for BAC, this stock looks like a good near-term upside mover.
Citigroup also shows up on a recent list of
3 Banks Running Out of Steam From UBS.