Citigroup Inc Shares (NYSE: C) closed down by $0.02 or -0.43% on Tuesday, despite seeing 596 million shares of the company’s stock trading hands during the day.
Citigroup had what some in the investment world would refer to as a “doji close” when the company’s open and close price are very similar, indicating a balance of optimism and pessimism among investors about the stock.
The current stock range for Citigroup is defined by a trough, which has a resistance point of $4.41 and a calculated support point of $4.01, levels which are monitored very closely by traders managing their positions.
According to a story from Traders Huddle, “Doji are important candlesticks that provide information on their own and as components in a number of important patterns. Doji form when a security’s open and close are virtually equal. The length of the upper and lower shadows can vary and the resulting candlestick looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns.”
Any bias, bullish or bearish, will be based on preceding price action and future confirmation. In Citigroup’s case, the stock finished the session lower, and Traders Huddle suggests that bears should monitor the stock as it might reverse if it manages to trade above today’s intraday high.
