Citi offering priced at $3.15

Yesterday (Wednesday) Citi put a sell offer at $3.15, ten cents bellow the price at which the government bought their shares. A smart move that temporarily eliminated the danger of unexpected sell of more than 5 billion shares from the government. The price paid by the bank is that it has to sell more shares at that price to get the desired 17 billion dollars.
At least now we know the shares sold the last 3 days were not from the government. About 3 billion shares changed hands. Maybe some of them were shorts but whatever the case someone bought that quantity.
Interesting point now is to see who will enter as a shareholder in Citi. The quantity offered is about 23% of the current shares outstanding which is quite a big percentage.

The technical picture hasn't changed much from yesterday's view of the chart. The things are still pointing downward. And in the aftermarket the level of $3.2 was touched. We could see a spike to $3.15 and even some bellow but the stock is becoming to look more and more oversold.

Sofix daily review

A simple view about the Bulgarian stock exchange index movement.

The levels where the index is these days

are just the 38.2% Fibonacci retracement level for the whole upside movement from 257.65 achieved on 24.02.2009 to 514.67 made on 17.09.2009 (shown by the two red lines on the graph). The RSI is in

its low but MACD still points downward. Still the MACD hasn't go as low as it was on the previous down attempt at the beginning of November. If the Fibo level (412 - 416) is not broken wild there is a

chance to see a recovery soon. If it gets penetrated the next stop could be found at 370-385.