• Add

Citigroup Jumps Helped by Vaccine Hopes


Citigroup (NYSE:C) advanced near 9% on Monday's trading session, which was backed by the promising results of Moderna's Covid-19 vaccine test.

Citigroup's short-term picture shows the upward sequence after the massive sell-off that began in mid-February and found its bottom on April 18th, when the financial company found fresh buyers at $32.01 per share.

The bounce-off was developed by Citigroup since mid-March until April 30th, when C reached its fifth wave of Minuette degree labeled in blue, followed an Elliott wave leading diagonal.

According to the Elliott wave theory, a leading diagonal is a five-wave formation that follows a 3-3-3-3-3 sequence, in where its five internal segments overlap one each other. This structure tends to appear in waves 1 and A.

On the previous chart, we observe that the completion of the five-wave sequence formed a wave ((i)) or ((a)) of Minute degree labeled in black.

Once the first bullish leg was completed, Citigroup reacted against the previous upward move creating a corrective structure, experiencing a retracement that carried the price action until the 61.8% of the first wave. Citigroup completed its three-wave correction at $38.77 per share, where C found fresh buyers expecting to incorporate their pending long-side limit orders.

After the incorporation of new long-side market participants, the price soared above the downward trendline, which validated the completion of the second wave of Minute degree identified as ((ii)) or ((b)). This breakout gave the pass to a third upward structural sequence.

According to the textbook, the current third movement in progress should have five internal waves, and this move will correspond to a wave ((iii)) or ((c)).

On the short-term picture, we distinguish that the current upward path of Citigroup could advance until the unfilled gap zone between $55.60 and $61.30 per share.

In conclusion, our preferred positioning for Citigroup remains on the bullish side, expecting to fill the open gap of March 06th. On the other hand, the bias will remain bullish until the price action continues moving above $32.01 per share.

CryptoRocket Review

Source: https://www.cryptorocket.com/news/citigroup-jumps-supported-by-vaccine-hopes/
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}