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8/9/99 Citigroup Inc (C)
Points to watch: One to
watch this week. The stock closed below Gann angle support at 43.56
on both Thursday and Friday. A double top is forming on the stock's
daily chart, with peaks in April and July. A fall below 40.19 would
confirm the double top pattern. Both daily and weekly RSI showed
strong negative divergence with price on the July peak, adding further
confirmation to the bearishness of the stock's chart. Other
technical indicators also continue to deteriorate: Weekly OBV and daily
stochastics are in steep down moves, while daily MACD gave a sell signal
on August 4th and weekly MACD gave a sell in May. We would sell or
short the stock on a move below 39.81, a level which provided support in
June and acted as resistance from April-July 1998 and again this
January. Stops after opening a position would be placed near
resistance at 43.81.
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