Citigroup is likely done for good. After it dropped below the trend line during August, it did find support and bounce back. But imagine it found great resistance at that same trend line.
Yesterday it created a powerful reversal candle, a huge Gravestone Doji. Also, there is a huge possibility that if today gaps down, it would also represent an even stronger bearish reversal candle, an Abandoned Baby.
Oh boy, oh boy, this looks like C is done for a really long period of time and will revisit lows.
Also, the issue is, as this was made on huge volume, which confirms big boys did sell in this huge pump from yesterday, and they will likely continue to sell their stock.
Big red, aka 200 days MA, could be the first pause but could be only for days or so.
The chance for this not to drop hard is less than 20%
Yesterday it created a powerful reversal candle, a huge Gravestone Doji. Also, there is a huge possibility that if today gaps down, it would also represent an even stronger bearish reversal candle, an Abandoned Baby.
Oh boy, oh boy, this looks like C is done for a really long period of time and will revisit lows.
Also, the issue is, as this was made on huge volume, which confirms big boys did sell in this huge pump from yesterday, and they will likely continue to sell their stock.
Big red, aka 200 days MA, could be the first pause but could be only for days or so.
The chance for this not to drop hard is less than 20%
Consistency is the key of success....
Until we are in an uptrend and above this trend line C is fine. Although C is at major area of resistance we will see the next move.