Technical Trigger: Citi Crossed A Key Momentum Level Earlier This Week
This Technical Trigger was provided by TraderMinute.
With the market still in full bull mode, financials, and the Select Sector Financial SPDR (NYSE: XLF) in particular, are shining.
Within this space, there are a lot of opportunities, but Citigroup Inc (NYSE: C) has one of the best charts out there. The bank giant's share price has fluctuated in a very wide range over the last six months, hitting a support low of $47 in February, creating a double-bottom.
Citi then rocketed up to $54 in just under a month.
The price action earlier this week in Citi was very bullish. The stock pulled back to its 50-day moving average last week, but hit as high as $51.97 on Monday afternoon.
Around that time, the Relative Strength Index (RSI) -- a momentum indicator -- crossed above its midpoint (50). Citi is worth watching as traders head into April.
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