Technical Earnings Preview: Citi near lows of multi-year price channel
Since July 2016, the stock has been trading in a relatively stable price channel. Ahead of earnings, price is drifting toward the low of that channel, on a multi-year weekly basis. If the news is a negative surprise, a breakdown in price below $74 would break the channel low and the uptrend. Support levels to watch in that event as potential downside objectives are at $72.02, the $70 area, and $69.13. If the news is strongly bullish, price could react away from the channel lows. Next resistance levels to watch as potential upside objectives would be at the 52-week high at $77.92, the $80 area, and the $82 area. The top of the channel is at the $84 area.