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Is Citibank (C) a buy? NO. It is not. Why? Let's look at some timeframes.
Daily Chart. This pullback has not triggered. Don't even bother waiting for it.
Weekly Chart. Confirmed downtrend. Only managed a 25% retracement. Weak.
Monthly Chart. Confirmed downtrend.
Next Stop for Citibank is $16.
Stay Away.
Joel Stahl
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Thanks for the heads up Joel - always nice to know what our mentors think and how you go about doing things, I appreciate your thoughts.
Is there any chance of making the chart a little bigger when I click on it, as its a little small to read properly.
Thanks.
Posted by: Patch | May 28, 2008 at 10:07 PM
Is the EFT DUG a buy?
Posted by: David | June 02, 2008 at 08:53 AM
Hi Joel, There is a FSB Stochastic sell setting up in C as long as we dont violate the 61.8 retracement level. However as we also have a Blue XTL breakout is the FSB sell invalidated ? There is one form of selling in the last buyers bar with the close below the midpoint.
Posted by: Anthony | July 24, 2008 at 06:01 AM
Ignore the blue bar. This is still a valid stochastic sell if it triggers.
Posted by: Joel Stahl | July 24, 2008 at 10:56 AM