Citigroup shares gain for a second straight session on Monday, bank to open innovation center in London in spite of Brexit

February 13, 2018 8:42 am

According to a report by the Financial Times during the weekend, Citigroup Inc (C) intends to establish an innovation center in London, which is to host the bank’s Middle East and Africa (EMEA) unit.

Citigroup shares closed higher for a second consecutive trading session on Monday. The stock went up 1.47% ($1.08) to $74.76, after touching an intraday high at $75.49, or a price level not seen since February 7th ($76.08).

In the week ended on February 11th the shares of the financial group lost 4.34% of their market value compared to a week ago, which marked a second consecutive period of decrease. It has also been the worst performance since the week ended on October 15th.

Due to recent gains, the stock has pared its loss to 4.74% so far during the current month, following a 5.47% surge in January. The latter has been the fourth gain out of five months.

For the entire past year, the shares of the NYSE-listed financial holding company rose 25.21% following another 14.84% surge in 2016.

James Cowles, Chief Executive Officer of Citi’s EMEA unit, told the Financial Times that 60 technologists would initially be hired at the center.

The announcement comes after earlier in February another leading bank, JP Morgan Chase, said over 4 000 jobs could be moved out of the UK, in case Brexit negotiations lead to diverging trade and regulation agreements between Britain and the EU.

JP Morgan said that between 500 and 1 000 jobs would be moved within a short period after Britain formally parts ways with the EU on March 29th 2019.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $84.00, with a high estimate of $101.00 and a low estimate of $65.00. The median estimate is a 12.36% surge compared to the closing price of $74.76 on February 12th.

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, 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 – $74.90
R2 – $75.04
R3 (Range Resistance – Sell) – $75.18
R4 (Long Breakout) – $75.59
R5 (Breakout Target 1) – $76.08
R6 (Breakout Target 2) – $76.29

S1 – $74.62
S2 – $74.48
S3 (Range Support – Buy) – $74.34
S4 (Short Breakout) – $73.93
S5 (Breakout Target 1) – $73.44
S6 (Breakout Target 2) – $73.23

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

Central Pivot Point – $73.97
R1 – $76.93
R2 – $80.19
R3 – $83.15
R4 – $86.12

S1 – $70.71
S2 – $67.75
S3 – $64.49
S4 – $61.24

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