C Note: Citigroup Has Lost Momentum

Shares of Citigroup (C) have lost their early post-earnings momentum. Despite this morning's impressive first-quarter results, the stock was unable to reach new highs for the week and is flirting with a lower finish for the day. C remains range-bound but increasing overhead pressure may prove difficult to absorb. A weak finish to today's news-filled session could develop into a deep selloff.

As this year began, Citi began to show signs that the powerful post-election rally had run its course. The stock had surged over 25% off the November lows and reached an extremely overbought reading. A week into January, C began to pull back as a 12-week sideways consolidation began. The stock has remained in a relatively tight range during this phase with major support in place at the January-February lows and heavy supply overhead near the 2015/2016 highs. A break below the bottom of this range would be a clear warning sign that an important top is in....76 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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