CITIGROUP INC. - Citigroup, Inc - 01/10/2024 (GMT)

Shares in Citigroup, Inc (symbol ‘C’) had a remarkable bullish rally in the last month of 2023 and managed to close the quarter at a 25% positive increase. The company is expected to release its earnings report for the quarter ending December 2023 on Friday 12 January, before market open. The consensus estimate for earnings per share is $1.06 compared to the result for the same quarter last year of $1.11.  

‘Citigroup wants to get more involved in China's financial markets by starting a new investment banking unit, even though some other US banks are being careful because of issues like political tensions and a slower economy. Foreign banks, including Goldman Sachs and JPMorgan Chase, have struggled to gain traction in China's IPO market, mainly because of because of growing tensions between Washington and Beijing and increased government intervention in the financial sector overall.’ said Antreas Themistokleous, an analyst at Exness.

On the technical side the price has slowed down from the bullish momentum around the resistance area of the 38.2% of the weekly Fibonacci retracement level and the upper band of the Bollinger bands which acted as a strong resistance level. The 50 day moving average is trading above the slower 100 day moving average while at the same time the Stochastic oscillator has been in the extreme overbought area for a prolonged period of around 2 months, possibly indicating a correction to the downside in the near short term before resuming the overall bullish trend.