Banking Stocks to Watch: BAC, C, MS

Citigroup (C) – I Just wanted to point out the situation on Citigroup shares, long term remains bearish but short term direction keeps holding the bullish bias. Today the stock dropped to test the $4.07 support that overlaps with the recent bullish trendline. For intraday trades I’m a buyer but placing stops below $4 psychological level, if the stock slides below this support zone I’m reversing my longs to shorts within the blink of an eye. On the other hand, breaking above yesterdays highs, leaves space for further gains. At this stage, my strategy is : buy on dips, targeting April highs.

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Respecting $26 level is short term resistance, a daily close above would change bias. What to expect from here: Technicaly speaking we could see the stock retrace to the previous support level at $24.75 again, which provides another optimal entry. I’m keeping my Morgan Stanley (MS) bullish bias unless there some signs of change in trend.

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Bank of America (BAC) – I’m short term bearish but long term bullish, therefore I’m expecting something like this. A run back above $15.75 would inmediately cancel this trade plan.

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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don’t consider buying or selling any stock without conducting your own due diligence.

About Antonio Costa 324 Articles

Antonio Costa is a 35 year old part-time trader who trade stocks in the US market.

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