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Monday, June 22, 2009 

Bank Stocks to watch Tuesday - Bank of America Corporation and Citigroup

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

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 )

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.

That's all Folks. See you tomorrow !!!


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i think your article is a good news in deed.. knowing the fact that the downtrend in economy right now is ended?? hope things will be fine in world economy....

God Bless us alll

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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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