Citigroup Is Having a Very Bad Day

Citigroup (C) is under extremely heavy pressure this morning. The stock began the session with an upside gap but quickly gave back the gains as investors parsed this morning's earnings report. At midday, the selling remains aggressive as a deep pullback begins. For patient investors, lower entry opportunities will develop in the near term.

On Sept. 18, C broke out of a 10-week consolidation pattern. Since late June, the stock was stuck in a very narrow range while holding above solid support near the $65 area. The mid-September surge lifted shares past the August peak, sparking a fresh rally leg. This week C extended this breakout to a 15% gain from the September lows while remaining inside a steep bullish channel. Today that channel is broken, indicating a potentially steep pullback is ahead....78 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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