Share It

Share |

Thursday, December 10, 2009

Citi technical overview

The short interest shares of Citi as of Nov 30 2009 are 215,990,623. At Nov 13 2009 they were 194,829,624. The average daily volume for the both dates are 236,804,540 and 340,175,866. We see an increase in the shorts as well as a bigger decrease in the average daily volume of the stock. So the sentiment towards the stock turns to be more negative.
The significant jump in the share's price that took place at August comes just after the Sold short shares thumbled from more than 1.2 billions to just about 300 millions.
Now we don't see so big amount of short sales so the fuel for a price advance (if any) should come from somewhere else.

As it is seen on this daily graph the recent news flow about the company is more intense than anytime in the past 3 months. The price falls. An interesting thing is the price is on a short-term support level and Stochastic is in the oversold area. But it is still pointing down. So the negative sentiment might be growing but soon we could see its end. At least in a short term.

On the weekly graph however we see a sort of sideway motion. Around the support line and currently beneath it. Still MACD is around zero and Stochastic pointing downward. The best scenario for bulls could be the price to form some positive MACD divergence but such one could take several weeks to arrive.

No comments: