Nearest Resistance: $55
Nearest Support: $52
Catalyst: Q4 Earnings
Despite higher earnings for the fourth quarter, Citigroup (C - Get Report) is getting punished for missing estimates this afternoon. The firm earned 85 cents per share for the quarter, but analysts were looking for 95 cents of profitability. Bank of America's positive surprise this week didn't likely help temper expectations for Citi -- and shares are down 4% and change as a result today.
From a technical standpoint, Citi could look a lot worse right now, but its chart is far from the textbook uptrend in BofA. Instead, Citi has been consolidating sideways in a wide range since last summer, and attempting to break out of that range since the calendar flipped to 2014. Today's selling means that we'll probably see shares spend more time in trader purgatory. As a trade, BofA is the buyable big bank right now.