Citi Could Be Sputtering
Financials like Citi have bounced sharply since mid-October. But now the move could be showing signs of fatigue.
The first pattern on today’s chart is the series of lower highs since November 11. Combined with the low around $47.40 on November 17, that could form a bearish descending triangle that prices are now threatening to break.
Next, consider the weekly chart. C formed three successively lower highs. Last week also featured the second consecutive bearish inside candle. Those patterns may suggest its longer-term downtrend remains in effect after a period of consolidation.
Finally, the shorter-term trend could be more bearish as MACD and the 8-day exponential moving average (EMA) turn negative. (This chart includes our MA speed custom script with the 8-day EMA.)
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the series of lower highs since November 11. Combined with the low around $47.40 on November 17, that could form a bearish descending triangle that prices are now threatening to break.
Next, consider the weekly chart. C formed three successively lower highs. Last week also featured the second consecutive bearish inside candle. Those patterns may suggest its longer-term downtrend remains in effect after a period of consolidation.
Finally, the shorter-term trend could be more bearish as MACD and the 8-day exponential moving average (EMA) turn negative. (This chart includes our MA speed custom script with the 8-day EMA.)
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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