I'm buying Citigroup... triple bottom?

Quote from forestfire:

4XIS4U, the chart that I pulled up shows 3 lower lows

Nov 8 31.05
Nov 27 29.60
Dec 20 29.34

I think that if you are going to apply technical terms then you need to be far more rigorous in your approach. There isn't anything like the symmetry required to call this a treble bottom.
Even if it was such a pattern, then you would not buy it here but say $5 higher when the pattern becomes active.
Look at the volume -it increases dramatically on the down swings, the exception being Friday's trade, (but what do you expect at this time of year.) Volume tells us to be bearish.

I'm not saying that you cannot make money with short term longs on this stock, but if you are talking bar charts -then the only thing they are telling you is to go short.
More...

forest, respectfully disagree with you about the volume increasing on down swings... Look at Nov 27... the volume bar is RED but it doesn't mean it was down volume, especially if I look at the resulting candle... still on volume, look at how the volume bars have been diminishing on each low (yes, they're still higher than the up bars) but once again, we don't know if it was buyers or sellers... it would require a fine intraday analysis of volume... see attached chart... (I wish dbphoenix was still here at ET to beat me up on this one) :D

Thanks for sharing your comments -- I'm not trying to prove right or wrong on this trade, just want my quick bounce and stops are in place... if it doesn't work I'll just move to another trade...

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1724514"></img>
 

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Just imagine how many short sellers Citi would kill with a reaction like the on on TD Bank (Canadian Bank)...
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1724517"></img>

all it takes is a headline such as "Emirade Arab x sheik invests xB in Citi" ... :D
 

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In short run the "C" could be interesting opportunity, the stock is also highly oversold. I have also bought C.

I think that in short run the first important resistance level is near: 35.25.
 
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