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Citigroup Set To Deliver More Solid Gains

By Anna CoullingStock MarketsMay 24, 2021 07:38AM ET
Citigroup Set To Deliver More Solid Gains
By Anna Coulling   |  May 24, 2021 07:38AM ET
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Citigroup (NYSE:C) is one of those stocks where great patience has been required following the strong trend of earlier in the year which saw the price rise from $62 per share to consolidate around the $72 per share price region at the volume point of control.

However, in the last few days, we have seen this stock pick up the baton of bullish momentum once more and break away to close last week at $77.65 per share suggesting there is more to come. So how is the daily chart shaping up for this stock in relation to vpa?

Citigroup Chart
Citigroup Chart

What has been most interesting about the last couple of months’ price action have been the reversals as the price developed the congestion area around the volume point of control and denoted with the yellow dashed line. This was the point at which price agreement had been reached with neither bullish nor bearish sentiment holding sway. It is the point on the VPOC histogram which displays the heaviest transacted volume and where volume price and time combine to present this on the right-hand side of the chart.

Note how each reversal lower saw the associated volume falling away thereby giving a strong clue that selling pressure was weak and therefore any move was likely to run out of steam which was indeed the case. The reason is that for any strong bearish trend to develop, rising volume is required not falling volume as in several cases here.

Now with the price action breaking away from this area bullish sentiment is in the ascendency once more and confirmed with the move through the strong price resistance denoted with the blue dashed line of the accumulation and distribution indicator which was tested on both Wednesday and Thursday followed by a strong close on Friday on a wide spread up candle on good volume. So a nice solid stock that is likely to deliver more gains longer term particularly as we are now reaching a low volume area on the VPOC histogram at the top of the chart.

Citigroup Set To Deliver More Solid Gains

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Citigroup Set To Deliver More Solid Gains

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