Citigroup shares gain for a second session in a row on Monday, third-quarter markets revenue seen shrinking 15% from a year ago

September 12, 2017 9:32 am

According to John Gerspach, Citigroup Inc’s (C) Chief Financial Officer, the holding’s third-quarter total markets revenue is approximately 15% below its level during the respective period a year ago, when market volatility was bolstered by reactions to the EU membership referendum outcome.

Citigroup shares closed higher for a second consecutive trading session on Monday. It has also been the steepest daily surge since July 25th. The stock went up 2.33% ($1.54) to $67.71, after touching an intraday high at $67.79, or a price level not seen since September 5th ($67.94). In the week ended on September 10th the shares of the financial group lost 3.51% of their market value compared to a week ago, which marked the first drop in the past three weeks and also the worst performance since the week ended on March 26th. The stock has pared its loss to 0.47% so far during the current month, following a 0.61% drop in August. The latter has been the first loss out of four months. For the entire past year, the shares of the NYSE-listed financial holding company gained 14.84%. The stock has risen 13.93% so far in 2017.

Speaking at an investor conference on September 11th, Gerspach said that the process of bank regulation easing was developing at a slower pace than what he had anticipated due to still-vacant posts at the Federal Reserve and the US Treasury Department.

In addition, Gerspach reminded that by the end of October the Federal Reserve Bank would have to complete the expected changes in its annual capital reviews, which determine what amount of capital financial institutions can payout in dividends to shareholders as well as in stock buybacks.

Citi’s CFO also said that the expected credit loss rates from the holding’s Citi-branded and store-branded card business in North America could increase slightly in 2017.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $74.00, with a high estimate of $90.00 and a low estimate of $50.00. The median estimate is a 9.29% surge compared to the closing price of $67.71 on September 11th.

The same media also reported that 14 out of 31 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 12 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Citigroup stock are presented as follows:

R1 – $67.84
R2 – $67.97
R3 (Range Resistance – Sell) – $68.10
R4 (Long Breakout) – $68.49
R5 (Breakout Target 1) – $68.94
R6 (Breakout Target 2) – $69.15

S1 – $67.58
S2 – $67.45
S3 (Range Support – Buy) – $67.32
S4 (Short Breakout) – $66.93
S5 (Breakout Target 1) – $66.48
S6 (Breakout Target 2) – $66.27

By using the traditional method of calculation, the weekly levels of importance for Citigroup Inc (C) are presented as follows:

Central Pivot Point – $66.60
R1 – $67.51
R2 – $68.85
R3 – $69.76
R4 – $70.67

S1 – $65.26
S2 – $64.35
S3 – $63.01
S4 – $61.67

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