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Home Markets Markets Citigroup Inc is a Sell say charts
Citigroup Inc is a Sell say charts PDF Print E-mail
Written by Will Peters   
Thursday, 01 July 2010 09:55
Citigroup Inc should head lower say Delta Index, but futures are pointing to a slightly higher open.


Citigroup Inc (NYSE:C) is tipped to head lower according to the technical research team at Delta Index.

In a morning note Delta say, "Citigroup - MACD Crossover. Signal: Sell @ 376, Stop 407, Initial target 319."

However indications are that the bank could open higher this morning.

The latest futures figures show Citigroup Inc to be higher by 0.01 (0.27%) at 3.77.

World stocks in retreat


Direction in Citigroup today is hard to call as world stock markets retreat amid continued concerns about Europe's economic outlook after a warning Spain's debt rating may be downgraded and evidence that China's manufacturing growth is slowing.

Oil prices fell below $75 a barrel in Asia as wilting stock markets dragged down the confidence of crude investors. The yen was virtually unchanged against the dollar, while the euro gained some ground.

US markets were set to slide further. Dow Jones futures were down 16 points, or 0.2 percent, at 9,700 and S&P 500 futures were off 2.8, or 0.3 percent, at 1,023.80. Similarly, in Europe, markets were down. Britain's FTSE 100 index of leading shares was lower by 1.3 percent to 4,855.66, Germany's DAX dropped by 1.1 percent to 5,900.28, and France's CAC-40 was down 1.8 percent to 3,379.10.

A key central bank report released Thursday showed business confidence among Japan's biggest manufacturers improved for a fifth straight quarter, but the Tokyo market was taking its cues from Wall Street, which closed out a painful second quarter Wednesday, leaving investors with heavy losses.

Japan's benchmark Nikkei 225 stock index closed down 191.04 points, or 2 percent, to 9,191.60 — a seven-month low and extending losses from Wednesday's fall of nearly 2 percent.

"Sentiment in Asia takes its clues from movement on Wall Street and in the eurozone," said Ben Kwong Man Bun, chief operating officer at KGI Asia Ltd. in Hong Kong. "The Nikkei is following the trend in the U.S."

On Wall Street, stocks had their worst quarterly performance since the financial crisis. The Standard & Poor's 500 index, considered by many professional investors to be the best measure of the market's health, lost 11.9 percent for the quarter.

The Dow Jones industrial average lost 10 percent. Both indexes are at their lows for 2010.
Last Updated ( Thursday, 01 July 2010 09:56 )