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Citigroup (C) - Waiting Until it Flirts with the Multi-Year Low Again

Citigroup (C) has been sliding after it tagged 60. It is now hovering above 50 with some room to fall. Here's a quick analysis of the stock from

Citigroup (C) Stock: Here's a Chart to Lose Sleep Over

If you agree with the author that C is a buy, it might be best to wait a little longer. Check out the weekly chart

Citigroup Weekly Chart 9/23

(click to enlarge)

If price closes in on 45, it will be at a multi-year range support and the 200-week simple moving average. This is where I would buy and look for upside risk at least back to 52-53 (middle of the price range since June 2013). 

I would consider a buy around 46-47. Let the market clear the 2015-low around 47.80. Then, look for some price bottom to form in the daily chart. If price doesn't sharply reverse and escape my grasp, I am looking to put a stop just below 44, with a target of 53. Get a 2:1  reward:risk on it.