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Financial Sector Buoyed By Citigroup’s Recent Strong Performance (XLF)

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From Chris Kimble: Citigroup (C) since its 2007 highs is still much lower in price, over the past 18 months, it’s been a different story for the former financial titan.

Below looks at Citi this year and how it is attempting to breakout from a bullish pattern:

Over the past few months, Citi appears to have created another bullish ascending triangle. This pattern results in an upside breakout, two-thirds of the time. As mentioned above, Citi looks to have formed a bullish ascending triangle pattern at (1), where we applied a measured move calculation.

This week, Citi is attempting to break out of the top of the pattern at (2). The measured move suggests that Citi could reach the $77 level, should it break out.

Full disclosure: Premium and Sectors members have been long this stock for months and should the breakout take place, to continue holding this stock.

The Financial Select Sector SPDR Fund (NYSE:XLF) was trading at $24.93 per share on Monday morning, up $0.16 (+0.65%). Year-to-date, XLF has gained 8.02%, versus a 12.82% rise in the benchmark S&P 500 index during the same period.

XLF currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 36 ETFs in the Financial Equities ETFs category.


This article is brought to you courtesy of Kimble Charting Solutions.

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