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The chart pattern in Citigroup (C) has the look a price structure that's on the verge of thrusting to the upside to enter a secondary powerful upleg off of the low at 3.63. The optimal swing target is 4.20/22, and an outside target zone is 4.38-4.44 thereafter. Only a decline that breaks 3.89 will compromise the current bullish set-up.
Originally published on MPTrader.com.
Having looked at a lot of charts lately, I'm starting to think neither bulls nor bears have any kind of edge in the current market. The market seems simply inscrutable lately. I offer the chart below on RTH, but believe me, it took some digging to find anything I thought was worth presenting at all.
Everyone's favorite hero has returned!!!
Where are the good people of Mexico going to watch Kenny Powers lead the Charros to victory? On Grupo Televisa, of course!
There has been some serious accumulation at any break of the $18.50 support zone. As you can see in the chart, the buying has been getting more aggressive as the price is making higher lows. Another nice thing about this chart is that the volatility is very low right now. Great time to buy. Low volatility is preceded by high volatility. In my opinion, the break will be to the upside. If I'm wrong, you'll probably realize it pretty quickly with a relatively small loss. Reward/risk is in your favor.
