Citigroup shares close lower on Friday, group to establish new British bank based in London

October 8, 2018 9:37 am

According to a report by Reuters on Friday, citing a Citi note to clients, the group is to establish a new British bank with a headquarters in London for its UK consumer business after Britain parts ways with the European Union.

Citigroup shares closed lower for the seventh time in the past eleven trading sessions in New York on Friday. The stock edged down 0.28% ($0.20) to $72.42, after touching an intraday low at $72.07 and an intraday high at $73.12.

Shares of Citigroup Inc have retreated 2.67% so far in 2018 compared with a 7.93% gain for the underlying index, S&P 500 (SPX).

In 2017, Citigroup’s stock surged 25.21%, thus, it outperformed the S&P 500, which registered a 19.42% return.

“The creation of Citibank UK Limited will enable us to continue to service our Citigold and other UK consumer clients in the full range of post-Brexit legal and regulatory scenarios,” a spokesperson for Citigroup said in a statement, cited by Reuters.

Citigroup’s business, previously run through Ireland-based Citibank Europe Plc, will be transferred to the new entity by March next year and is yet to receive regulatory approval.

According to the note, Citi’s all consumer accounts, services and investments in the UK are to be transferred to the new organization as well.

According to CNN Money, the 27 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 $62.00. The median estimate represents a 15.99% upside compared to the closing price of $72.42 on October 5th.

The same media also reported that 15 out of 29 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 9 – 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 – $72.52
R2 – $72.61
R3 (Range Resistance – Sell) – $72.71
R4 (Long Breakout) – $73.00
R5 (Breakout Target 1) – $73.33
R6 (Breakout Target 2) – $73.48

S1 – $72.32
S2 – $72.23
S3 (Range Support – Buy) – $72.13
S4 (Short Breakout) – $71.84
S5 (Breakout Target 1) – $71.51
S6 (Breakout Target 2) – $71.36

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

Central Pivot Point – $72.48
R1 – $73.92
R2 – $75.43
R3 – $76.87
R4 – $78.32

S1 – $70.97
S2 – $69.53
S3 – $68.02
S4 – $66.52

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