Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Citigroup Inc C shares are bucking the broad market decline and were trading higher by $0.23 at $53.73 in Tuesday's session. The catalyst for the strong relative performance is a rating change by JP Morgan issued earlier Tuesday.
JP Morgan upgraded Citigroup from Neutral to Overweight and raised its price target from $54.00 to $58.00. Despite reaching $54.25 in pre-market trading, it has been unable to clear the major resistance at $54.00 in the regular session.
After a higher open, it ran into institutional sellers at $54.00 and was unable to pierce that critical level. Beside the large sellers congregated at the whole number, it also coincides with its January 5 high ($53.95). The yearly high for the issue was made one day earlier at $54.69. Its high since recovering from its Financial Crisis low ($9.70) was made on December 8 ($56.95).
The pullback off the open found support just below Monday's close ($53.49), reaching $53.43 before rebounding to its current level.
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