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Monday, October 18, 2010

Citigroup Inc ( C ) is a Sell, target 329 ?

Citigroup Inc (NYSE:C) has been called to head lower on a technical basis by spread betting firm Delta Index.

The Ireland based company has said a bearish MACD crossover pattern has emerged on the Citigroup charts. (>> What is a MACD crossover? Download the free GFT guide on technical analysis).

Citigroup is a sell at 396, a stop loss should be placed at 432 and an initial take profit target should be set at 329.

The bearish call on Citigroup Inc comes in the wake of a 2.71% drop in the share price on Friday, this was in turn preceded by two days of falls.

Citigroup Q3 results

Citigroup Inc is slated to release its third-quarter results before the market opens later today.

While announcing the second-quarter results, Chief Executive Vikram Pandit had stated that the second quarter results demonstrate that the company has put in place all elements for sustained profitability.

Analysts polled by Thomson Reuters expect the company to make a profit to the tune of $0.06 per share, with estimates ranging between $0.04 and $0.09 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter is estimated by analysts to be $21.15 billion, representing a 3.7% increase from the previous year.

In the same quarter a year ago, the S&P 100 company had reported a loss per share of $0.27 impacted by exchange offers that hit earnings by $0.18 per share. Revenues for the third quarter last year were $20.4 billion.

I would buy on the dips dowm hold on until 2012 .... long term play.....
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