Citigroup shares fall for a second straight session on Tuesday, bank reported to be targeting wealthy customers in Asia

According to a report by the Financial Times, Citigroups private banking and wealth management divisions in Asia are targeting the lower end of the contingent of wealthy customers in the region. Citigroups wealth management business is the second-largest in the Asia-Pacific area with total assets under management of approximately $218 billion.

Citigroup shares closed lower for a second consecutive trading session on Tuesday. The stock went down 0.47% ($0.36) to $76.46, after touching an intraday low at $76.09, or a price level not seen since February 14th ($74.73).

In the week ended on February 18th the shares of the financial group added 4.26% to their market value compared to a week ago, which marked the fifth gain out of seven weeks. It has also been the best performance since the week ended on December 3rd.

However, due to recent losses, the stock has extended its slump to 2.57% so far during the current month, following a 5.47% surge in January. The latter has been the fourth gain out of five months.

For the entire past year, the shares of the NYSE-listed financial holding company rose 25.21% following another 14.84% surge in 2016.

The group “is offering services like portfolio diversification and wealth planning to both its Citigold and Citi priority customers”, Gonzalo Luchetti, Citis Asia-Pacific Head of Retail Banking, was quoted as saying.

The “Citi priority” contingent of clients includes individuals with assets within the range between $50 000 and $150 000. At the same time, the “Citigold” segment of customers encompasses individuals with assets ranging from $150 000 to $10 000 000.

Apparently, the groups approach differs from the strategies followed by other investment banks where the main focus is usually set on ultra high net worth clients (having more than $100 million in assets).

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $84.00, with a high estimate of $101.00 and a low estimate of $65.00. The median estimate is a 9.86% surge compared to the closing price of $76.46 on February 20th.

The same media also reported that 14 out of 31 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 13 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.

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 – $76.56
R2 – $76.67
R3 (Range Resistance – Sell) – $76.77
R4 (Long Breakout) – $77.08
R5 (Breakout Target 1) – $77.44
R6 (Breakout Target 2) – $77.60

S1 – $76.36
S2 – $76.25
S3 (Range Support – Buy) – $76.15
S4 (Short Breakout) – $75.84
S5 (Breakout Target 1) – $75.48
S6 (Breakout Target 2) – $75.32

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

Central Pivot Point – $76.08
R1 – $78.20
R2 – $79.57
R3 – $81.69
R4 – $83.80

S1 – $74.71
S2 – $72.59
S3 – $71.22
S4 – $69.84