FXCM Sitting at Key Resistance Level as Citi Affirms Buy Rating

Shares of small-cap foreign exchange broker FXCM, Inc.

are sitting at a key resistance level in mid-day trading on Tuesday. The stock was last trading up 1.95% at $12.00. In recent days, this level has provided resistance in the stock and a convincing break higher above $12.00 could trigger FXCM shares to make a run at multi-day highs. Analysts at Citigroup weighed in on the name today and re-affirmed their Buy rating in the wake of strong March trading metrics which FXCM released post-market on Monday. The analysts said that while retail trading was in-line with the Street view, institutional trading volume showed signs of acceleration. They wrote, "we are encouraged around: 1) the accelerating institutional business; 2) likely institutional share gains; 3) comparatively stronger retail metrics than SCHW (DATs down 8% MTM for instance) and, 4) better than expected retail revenue mix." In light of the new data from FXCM, Citi reaffirmed their Buy rating on the stock and $15.00 price target. Short-term traders looking for opportunities this afternoon may want to keep FXCM on their watch list for a break above $12.00.