Sunday, December 9, 2012

Citigroup - Buy on a nice developing pattern

Citigroup (C) last week announced 11000 job cuts in an effort to reduces expenses and improve efficiency. Its coming off a nice dip post resignation of ex-CEO Vikram Pandit just couple days after nice earnings in late October.

Its forming a nice 9-month long cup and handle pattern with a top at $38.50. If it can take some break here, it has a measured move to next resistance area of $42-43 before heading to $50 level.

I'll start taking some starter long term positions in this as it nears $38 level with a stop under $34 level. This should be a nice add to your IRA portfolio.

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