DailyPlay for Thursday March 12th – $C
The DailyPlay for March 12th is Citigroup Inc. (C) which is part of the Financial Sector (XLF). After a rough start to the week, XLF is in a neutral trend with a support level at $23.41 and a resistance level at $24.26.
Among the top Wall Street banks, Citigroup ranked first on this year’s stress test, after failing last year’s. C announced they will increase their “quarterly dividend to 5 cents per share.”
After a decent pullback on March 10th, Citi has experienced a 2.15% move higher to cross above its $51.84 resistance level. Both 1-month and 6-month trend indicators are bullish as C looks to move higher towards its $54.54 resistance level.
We are setting a stop loss at $50.54, as a move below this support level will invalidate our analysis.