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Citigroup Rebounds, Stays Below Its 200-Day Simple Moving Average

Stocks in this article: C WFC

NEW YORK (TheStreet) - Citigroup (C)  beat analysts' estimates on earnings per share by 16 cents earning $1.24. This report was released before the opening bell on Monday and this followed the company's announcement that they settled their subprime mortgage probe paying $7 billion.

Citi shares are currently trading around $48.45, down over 7% for the year to date.

When I crunched the numbers for the 24 components on the KBW Banking Index on July 7 I noted that Citigroup has a year-to-date decline of 7.4% since its July 3 close at $48.24.

Let's look at the daily chart for Citigroup:

Courtesy of MetaStock Xenith

Citigroup traded as high as $48.83 on Monday morning hopping above its 21-day and 50-day simple moving averages at $47.61 and $47.57, respectively, but stayed shy of its 200-week SMA at $49.24.

>>Citigroup's Bad Bank Drives Second-Quarter Profit Despite Mortgage Settlement

>>Why JPMorgan Is Undervalued on Long-Term Earnings Growth Estimates

I am not showing Citi's weekly chart, but the stock will have a positive weekly chart given a close this week above its five-week modified moving average at $47.73 with its 200-week SMA at $40.91.

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