Citigroup Slides: Watch This Trade Level
InTheMoneyStocks.com | May 24, 2018 01:44PM ET
Citigroup (NYSE:C) is falling lower by $2.42 to $52.82 a share. This decline breaks the recent uptrend in CIT stock. Very often, sharp declines like this will lead to further downside in the near term. Traders should note that the stock has support around the 200-day moving average, which is currently around $50. Unfortunately, CIT trades less than a million shares a day on average, which tells me that we have to compensate for overshoot and look lower.h3 Support Watch/h3
The next major support level for Citigroup will be around the $48 area. That's where the stock broke out in November 2017 and should be solid support when retested.
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