Citigroup double bottom or a buy at $5, you decide
- Thread starter Port1385
- Start date
Look closely at the chart. The price has re-tested, however, the first bottom at 18 is what is called an island reversal where price gaps below a point of support for a short period of time. It wont make it to 18. The chart should be self-explanatory...
Now Jim Rogers had a good point and so did Warren Buffet. This company is loaded full of Tier 3 assets and who knows how much are they worth...is the credit crunch over, did the market price in all the tier 3 assets into its valuation? Who knows, but certainly this is a double bottom on both the short term chart and the macro all-data chart.
So this is a gamblers move, but they say to invest when blood is in the streets. Isnt there enough blood in the streets now?
Now Jim Rogers had a good point and so did Warren Buffet. This company is loaded full of Tier 3 assets and who knows how much are they worth...is the credit crunch over, did the market price in all the tier 3 assets into its valuation? Who knows, but certainly this is a double bottom on both the short term chart and the macro all-data chart.
So this is a gamblers move, but they say to invest when blood is in the streets. Isnt there enough blood in the streets now?
Can't assume a double bottom just because price is retesting what once was a support area.
Price usually tests support twice before letting go, this is exactly what it's "probably" doing. I would wait to short the pop on any obvious failure.
The trend is too strong on financials.
Anek
Price usually tests support twice before letting go, this is exactly what it's "probably" doing. I would wait to short the pop on any obvious failure.
The trend is too strong on financials.
Anek
I remember in October of 98 I bought Citi I believe at $11 or $12 ... that was the day markets bottomed and never looked back!
If I remember it correctly the same day Ralph Acampora was on CNBC and predicted market was going to go much much lower... I guess that helped make the bottom!!
If I remember it correctly the same day Ralph Acampora was on CNBC and predicted market was going to go much much lower... I guess that helped make the bottom!!
