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An inverted head & shoulders pattern is developing on the Citigroup weekly chart.
The weekly RSI just left oversold levels; after laying out what could be the right shoulder of the inverted H&S.
The height of the "head" is approximately $48.
Applying fib extensions and a standard pitchfork to approximate a target.
The 1.0 fib extension is almost exactly $48 from the bottom of the right shoulder.
The median line of the standard fork crosses this target in December '22.
Although the pitchfork covers the 1.0 fib extension level until December '23. (LEAPS Anyone?)
The financial sector should benefit from rising rates throughout the rest of the year.
I'll start scaling into a position once momentum confirms.
Technical Entry Signals
Entry #1 - Price above 9w EMA
Entry #2 - Price above 20w EMA
Entry #3 - 9w EMA cross above 20w EMA
Komentar:
Warren Buffett reveals $3B stake in Citigroup.