By Nicholas Santiago on March 25th, 2010 1:32pm Eastern Time
Citigroup Inc. (NYSE:C) has rallied higher throughout the month of February and March. This move comes even as the company paid back the TARP, and issued more shares diluting the stock further. In 2007, the market capitalization for Citigroup Inc. was about $180 billion when the stock was trading over 50.00 a share. Today the market cap is about $124 billion with the stock trading just above 4.35 a share and having 28.48 billion shares outstanding.
Where can this stock go from here? One can only guess how high this stock can go in a bull run. However, we do know the short term resistance levels for the government owned bank. Citigroup Inc will have good short term resistance at 4.35, 4.52, 4.74, 4.97, and 5.18. The stock could see pullback or a pause at each of these levels.
The market continues to climb the wall of worry. Everything that has been in the bottom of the barrel is rising, and as long as this bull run remains Citigroup Inc. will be fine. However, when and if this market reverses use caution as these recent moves higher can reverse quickly.
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