Take Wells Fargo Over Citigroup

This morning, Citigroup (C) reported strong earnings and revenue. The top- and bottom-line beat came on the heels of Citigroup's confirmed a $7 billion dollar settlement with the U.S. Justice Department. Other major investment banks may face similar hurdles with the DOJ, which indicated that it isn't finished pursuing mortgage lenders. However, the market's positive reaction to Citigroup's settlement and earnings report could augur additional good news for the sector.

Is Citigroup a buy on this news? According to the charts, it's neither a buy nor a sell. Citi has been trapped in a range between $46 (red line) and $49.50 (green line) for more than three months. Despite today's action, the stock remains in limbo. This is confirmed by the stock's flat 50-day moving average (blue). Should a break above $50 occur, it would pull additional buyers into the market and generate upside momentum....291 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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