Your Next Bank Stock to Sell: Citigroup (C) reversed into a bear channel and is likely to test support

Citigroup (NYSE:C) — This diversified financial services company provides a wide range of products to retail and corporate clients in more than 100 countries.

Although S&P believes that Citigroup made “significant progress in improving credit quality” and they target the stock at $50 within 12 months, technically it has reversed into a bear channel with the likelihood that it will test the support line of the channel at $23. Note the close under its 50-day moving average and a curl down of the fast line of the stochastic (red line).

Sell C if you own it. Short it if you are looking for a trade.