Citigroup is the third-largest banking institution in the US and one of the so-called Big Four. It also has a sizeable investment banking operation. Citigroup does business in more than 100 countries. Citigroup is one of the largest issuers of credit cards, among the largest traders of FICC products, and one of the largest commercial banking franchises in the world. The company’s high capital levels since the GFC 2008, its restructured business, and its scale are going to be drivers of long-term growth.
The long term monthly chart for Citigroup shows a gradual uptrend with major pullbacks every 3-4 years. The most recent pullback saw the price drop by more than 50% as the pandemic took a toll on stock markets around the world. The price broke the bottom of the long term trend during this fall. Over the next few months, the price found resistance at the 53 level and broke out of it in November 2020. Since then the stock has been rising. With no resistance level insight, the path to $80 looks quite likely now. A stop-loss can be placed below the 53 resistance level (near 50-51), which is likely going to act as a support now.
Position entered in our long term tracking portfolio today. Entry point at $60.05 and stop loss $39.69 34% below the entry point. The short-term to medium take profit at $87 giving a potential profit of 45%.
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.
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