Citigroup shares fall the most in six weeks on Friday, holding’s hiring practices under investigation by US authorities

According to a February 24th statement by Citigroup Inc (C), its recruiting practices are under investigation by government and regulatory authorities in the United States.

Citigroup shares registered their largest daily drop since January 17th during Friday’s trading session. The stock went down 1.75% ($1.06) to $59.56, after touching an intraday low of $59.11, or a level not seen since February 14th ($58.75). In the week ended on February 26th the shares of the financial group lost 1.01% of their market value compared to a week ago, which marked the worst performance since the week ended on January 22nd. The stock has pared its advance to 6.68% so far during the current month, following a 6.06% slump in January. The latter has been the first monthly drop since September 2016. For the entire past year, the shares of the NYSE-listed financial holding company gained 14.84%.

A filing with the US Securities and Exchange Commission revealed that authorities were scrutinizing if Citigroup had hired job applicants “referred by or related to foreign government officials” over other candidates.

“Citigroup is cooperating with the investigations and inquiries”, the financial holding company noted in the filing with the SEC, cited by Reuters.

Other Wall Street banks such as JP Morgan Chase & Co agreed to pay $264 million last November in order to settle similar charges.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Citigroup stock are presented as follows:

R1 – $59.66
R2 – $59.76
R3 (Range Resistance – Sell) – $59.85
R4 (Long Breakout) – $60.15
R5 (Breakout Target 1) – $60.49
R6 (Breakout Target 2) – $60.64

S1 – $59.46
S2 – $59.36
S3 (Range Support – Buy) – $59.27
S4 (Short Breakout) – $58.97
S5 (Breakout Target 1) – $58.63
S6 (Breakout Target 2) – $58.48

By using the traditional method of calculation, the weekly levels of importance for Citigroup Inc (C) are presented as follows:

Central Pivot Point – $59.87
R1 – $60.64
R2 – $61.71
R3 – $62.48
R4 – $63.24

S1 – $58.80
S2 – $58.03
S3 – $56.96
S4 – $55.88