Citigroup has been rallying choppily since making a low on the year in February, from near 34.50 to almost 48.00. The daily chart will show a double top followed by a bearish swing that is likely to initiate further downside.
Citigroup Daily Chart 6/20
(click to enlarge)
Here's an explanation from "TheStreet.com" about why Citigroup was falling last week:
2 Technical Signals:
From a technical standpoint, last week's dip 1) confirmed a break below a rising trendline and 2) completed a double top.
With a prevailing bearish trend, last week's dip opens up downside first towards the 40 handle and support/resistance pivot, as well as the 34.50-35 low on the year.
The current rally is probably buoyed by overall risk appetite coming back after Brexit polls show more people looking to vote "remain". However, I think there is some resistance around 44.85, which is the middle of the "double top" and where the 50-day simple moving average (SMA) resides.
Bullish Scenario: A break above 45 might invalidate the bearish outlook I presented, and open up the 48 area, with potential upside if the rally results in a break of a falling trendline and the 200-day SMA. This would at least open up the 50.00 handle, with 56 in sight.