I am now completely out of my Citigroup Inc (NYSE:C) CALLS as of Friday.
I’ve decided to close it out because I see that Citi is now cultivating weekly-bearish divergence formation (chart above), which means we may see some sort of correctional phase coming on this stock as the buyers are getting exhausted and sellers may take advantage of this situation.
Citi had a phenemonal run, about 35% run since late March of this year. So, definitely odds are stacking up here against the buyers in the minor to interemediate term. If you are a long-term investor, nothing to worry about as the long-term picture still looks bullish. It might be a good idea to probably wait for a pullback and accumulate more SHARES on it.
If we do see a correction in price and the price hits around 67-66ish, at that time, I may be preparing to re-engage with CALLS on it, but not until then. I am happy with my gains and willing to seat out even if the price continues to rise.
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