Stock Picks For Tuesday: Bank Of America And Citigroup

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Stock Picks For Tuesday: Bank Of America And Citigroup

By Antonio Costa on June 23, 2009 | More Posts By Antonio Costa | Author's Website

Chart courtesy of www.stockcharts.com ( click to enlarge )

Citigroup (C) - Bearish Trading Condition. The technical daily chart shows that it is still to early to say that the downtrend has ended. According to the technical chart, shares of Citigroup have been trading below both 50 day and 200 day moving average, a very bearish sign. Negative MACD also indicates that the stock is a sell. However, please beware of the KD line which is now at 15 and could signal a buy when it begins to rise. Immediate support at 2.96 followed by 2.85. Initial resistance seen at 3.15.

Chart courtesy of www.stockcharts.com ( click to enlarge )

Bank of America (BAC) - My technical indicators show that the current short term bearish outlook has big probability to continue. The stock broke the key level at 12.53. Further fall is now in favor. My model is short, targeting 11.13 area ( 50 day moving average ). If the weakness continues and the stock breaks this support, there will be a good chance that the stock will test the $10.56 support. Keep a close eye on BAC for the next few trading days.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

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