Citigroup shares fall the most in two weeks on Wednesday, holding to hire bankers in Saudi Arabia

According to a statement by Carmen Haddad, Chief Executive Officer of Citi Saudi Arabia, the group intends to hire 20 bankers in the Middle Eastern state, where it acquired an investment banking license earlier this year.

Citigroup shares closed lower for the first time in the past four trading sessions on Wednesday. It has also been the steepest daily loss since October 12th. The stock went down 0.84% ($0.62) to $73.62, after touching an intraday low at $73.27, or a price level not seen since October 20th ($73.18).

In the week ended on October 22nd the shares of the financial group added 1.97% to their market value compared to a week ago, which marked the fifth gain out of six weeks.

The stock has pared its advance to 1.21% so far during the current month, following a 6.92% surge in September. The latter has been the best monthly performance since June.

For the entire past year, the shares of the NYSE-listed financial holding company gained 14.84%. The stock has added another 23.88% so far in 2017.

The license, which allows the bank holding to conduct capital markets business in the kingdom, was obtained in April and it also grants Citigroup the opportunity to re-enter that market after a period of almost 13 years.

It was in 2004, when the bank discontinued its operations in Saudi Arabia, after selling a 20% stake in Samba Financial Group.

Citi Saudi Arabias Haddad told Reuters that the kingdoms economic reform program was expected to bring about investment banking opportunities via privatizations and by urging citizens to save more.

Meanwhile, it was no earlier than 2015, when Saudi Arabias regulatory authority allowed Citi to invest in the local stock market directly.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $78.50, with a high estimate of $90.00 and a low estimate of $55.00. The median estimate is a 6.63% surge compared to the closing price of $73.62 on October 25th.

The same media also reported that 14 out of 31 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 13 – as “Hold”. On the other hand, 1 analyst 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 – $73.74
R2 – $73.86
R3 (Range Resistance – Sell) – $73.99
R4 (Long Breakout) – $74.35
R5 (Breakout Target 1) – $74.78
R6 (Breakout Target 2) – $74.96

S1 – $73.50
S2 – $73.38
S3 (Range Support – Buy) – $73.25
S4 (Short Breakout) – $72.89
S5 (Breakout Target 1) – $72.46
S6 (Breakout Target 2) – $72.28

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

Central Pivot Point – $72.93
R1 – $74.48
R2 – $75.44
R3 – $76.99
R4 – $78.55

S1 – $71.97
S2 – $70.42
S3 – $69.46
S4 – $68.51