Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Citigroup Stock Price (NYSE: C) fell 4% and reacted negatively after the release of quarterly earnings. C Stock Price faced rejection from the $48.00 and formed a bearish candle. Well, it will be interesting how prices react in the coming few sessions.
Citigroup Stock Price tried to climb above the 200 day EMA to reverse the trend. But it faced hurdle and prices reverted in down direction. The trend is reversing down but the confirmation will come when prices drop below $44.00 support.
From the past few months, Citigroup Stock is consolidating in a range between $40.00 to $50.00. Buyers tried multiple times to break the higher range and expand upward. But attempts failed and prices remained inside the range.
Citigroup Inc released the quarterly earnings on July 14, 2023. It reported an EPS of $1.33 and revenue of $19.436 Billion.
Company met the analyst estimates despite that stock prices reacted negatively. However, the price is near to the crucial support at $44.00 which might act as a savior for bulls.
Citigroup Stock Price closed the previous session at $45.75 with an intraday decline of -4.05%. The market capitalization stands at $89.06 billion.
Is Citigroup stock preparing for a 52 week low?
Citigroup Stock Price consolidated in a range and formed a long term base. So, if the prices decline further then it may raise concern for the investors.
In the mid of March, C Stock Price formed a bullish hammer candle near $42.00 and showed a surprising recovery. Therefore, if the downfall halted near $42.00 the similar kind of pattern is expected.
Till Citigroup Stock Price sustains above $40.00 the probability of bounce will remain high. However, if the situation gets worse and prices drop below $40.00 then the bear may try to drag it down to yearly lows.
The technical analysis suggests, The downfall in C Stock Price will take halt near $40.00 and will take U-turn.
C Stock Price analysis on weekly time frame
C Stock Price formed a long tail bearish rejection candle on a weekly time frame. It shows that sellers are dominating on the higher levels.
The broader market index Dow Jones and Nasdaq is performing well. It might improve the sentiment and positively impact Citigroup Stock.
Recently, MACD displayed a positive crossover but due to fall in previous session the curve is again reversing downward. The RSI at 44 denotes weakness and if prices decline further then it might test the neutral territory.
Conclusion
Citigroup Stock Price (NYSE: C) fell 4% after quarterly earnings. The prices reject the higher range of consolidation and dropped below 50 and 200 day EMA.
The technical analysis suggests, The downfall might take halt near $40.00 and prices are likely to bounce back.
Technical levels
Resistance levels: $50.00 and $52.00
Support levels: $42.00 and $40.00
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/07/15/citigroup-stock-nyse-c-fell-4-despite-beating-the-estimates/