Citigroup Higher For 7th Day In A Row Off Q1 Beat
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Citigroup Inc (NYSE: C) shares were trading higher by $1.16 (2 percent) at $53.37 in Thursday's session. The catalyst for the rally is a Q1 beat for EPS ($1.52 vs. $1.39 estimates) with inline sales at $19.8 billion.
It appears the Street was anticipating solid earnings from the banking giant as it has traded higher in its last six trading sessions, rallying from its April 7 close ($51.52) to $53.21 at Wednesday's close.
After today's higher open at $53.98, the issue has only retreated to $53.80 and is at its highs for the session ($54.45). If the rally continues, the next identifiable resistance level may be at its March 12 high ($54.72). That high coincides with its January 2 high ($54.69).
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