Citigroup, Inc. (C) was mentioned by Jim Cramer in his opening commentary as a stock that could rise now. Let's check in with the charts and indicators to see what they are saying about Citigroup, which is a holding of Jim's Action Alerts PLUS charitable trust.
In this daily bar chart of C, below, we can see that prices have rallied from the December low to a late April peak. Citigroup retreated in May but has rebounded since early June back to retest the late April zenith. Prices are above the slightly rising 50-day moving average line and above the bottoming 200-day line.
Volume looks like it has declined since January, and the daily On-Balance-Volume (OBV) line rolled over from a late April/early May high. A new high for the move up for the OBV line would be a positive development should it happen. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in a bullish mode.
In this weekly bar chart of C, below, we can see a mixed to slightly positive picture; same with the indicators. From early 2018 we can see a pattern of lower highs. This year we can see higher lows, but on this chart we do not yet have higher highs to complete the definition of an uptrend. Prices are above the still-declining 40-week moving average line. The weekly volume bars right below the price chart show that volume has diminished, but the weekly OBV line shows a rise this year. The weekly MACD oscillator is in a bullish configuration above the zero line.
In this Point and Figure chart of C, below, we can see a recent new high at $71.56 and a potential price target of $81.42.
Bottom line strategy: Our Point and Figure chart (above) shows a breakout not really visible on the daily and weekly bar charts. Aggressive traders could go long risking a close below $67. The potential price targets are $75 and $81 unless C is dragged lower by the broad market.