As Citigroup weakens, here’s what the chart says next for stocks

Citigroup shares (OLD) has weakened over the past year and the sell-off is not over yet.

Let’s take a look at the charts and indicators for this banking giant.

In C’s daily bar chart, below, we can see the stock’s price weakness over the past 12 months. Stocks that failed at the bottom of the 200-day moving average were declining in February, August, and November. C was back below the 50-day moving average.

The long-term trend in the Volume On Balance (OBV) line is bearish. The Oscillator The Moving Average Convergence Divergence (MACD) has crossed below to create a sell take profit signal and is only slightly above the zero line and full sell signal.

In C’s weekly Japanese candlestick chart below, we see a bearish picture. The stocks traded below the bearish 40-week moving average.

The weekly OBV line has been weak for the past two years. The MACD oscillator is falling.

In this daily Point and Figure chart of C, below, we can see a downside price target of $44.

In this weekly Point and Figure chart of C, below, we can see a potential downside price target in the $29 area.

Final Strategy: Traders and investors should avoid the long edge of C as further weakness is possible.

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