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JimVanMeerten (62.35)

Citi still not a buy

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November 08, 2011 – Comments (0) | RELATED TICKERS: C

COMPLETE ARTICLE AND GRAPHS


There are many, many investors that are looking for the banking sector to give them back back the beating they have been taking for sticking with then through thick and thin.  Gone are the days when the money center banks were solid investments with a nice fat dividend you could count on.  Citigroup (C) has been no exception.  Citi still has about $22 billion in loans to the PIIGS (Portugal, Ireland, Italy, Greece and Spain) but is trying to sell those off as the few speculative buyers put in bids.

Let's look at the numbers without emotion and see what we find.   The price momentum is up recentlly as this graph from Barchart of last months hourly price movement shows:



Barchart technical indictors:Barchart uses various technical indicators to analyze price movements for periods of 7 days to 6 monthsAt the present time although the overall weighted average of all the indicators is a positive 48% buy the buy signals are weakeningThe Barchart Trend Spotter technical indicators is a weakening buy alsoThe stock is currently trading above its 20 and 50 day moving averages but is still below its 100 day moving averageThe stock has had 11 up days and has gained 26.35% in the last month but is still 5.90% off its recently high and is down 37.15% from its 1 year highsRelative Strength Index is 31.23% and climbingBarchart computes a technical support level at 31.23Recently traded at 32.24 with a 50 day moving average of 28.18

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