Bank Stocks Getting Slammed: Citigroup (C)
Citigroup Inc (NYSE:C) shares enjoyed a similarly fine earnings report about a month ago. The bank recorded top- and bottom-line beats with profits of $1.35 per share beating estimates by 11 cents on a 3.2% year-over-year improvement in revenue.
Alas, C shares are now bonking their head on overhead resistance from its six-month consolidation range.
With the bulls unable to break through the $62-a-share level, watch for a decline back to critical support near $55, which would be worth an 8%-plus decline from here.
That also would represent a test of the 200-day moving average — a level that hasn’t been broken since last August.