Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Citigroup Incs (C) second-quarter earnings outstripped market expectations, supported by a stronger performance in consumer banking in Mexico, North America and Asia. Results were also influenced by the lower income tax rate and higher demand for loans amid growing US economy.

Citigroup shares closed lower for the third time in the past seven trading sessions in New York on Friday. It has also been the steepest daily loss since May 29th. The stock went down 2.20% ($1.51) to $67.00, after touching an intraday low at $66.22, or a price level not seen since July 6th ($65.90).

Shares of Citigroup Inc have retreated 9.96% so far in 2018 compared with a 4.78% gain for the underlying index, S&P 500 (SPX).

In 2017, Citigroup’s stock surged 25.21%, thus, it outperformed the S&P 500, which registered a 19.42% return.

Citigroups total revenue went up 2% to $18.47 billion during the second quarter ended on June 30th, falling short of the median analyst estimate of $18.51 billion.

Revenue from fixed income trading dropped 6% year-on-year during the quarter, while revenue from equity trading surged 19%.

The banks net income was reported to have risen to $4.49 billion during the quarter ended on June 30th, from $3.87 billion during the same period a year ago, as net income from its global consumer banking operations surged 14%.

On the other hand, revenue from the groups investment banking business shrank 7% during the quarter.

The Wall Street bank earned $1.63 per share during the second quarter compared with earnings of $1.28 per share during the same period a year earlier. Analysts on average had expected earnings of $1.56 per share.

Citigroup’s provision for income tax reportedly shrank by $351 million, after the Trump administration slashed the corporate tax rate.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $83.00, with a high estimate of $101.00 and a low estimate of $62.00. The median estimate represents a 23.88% upside compared to the closing price of $67.00 on July 13th.

The same media also reported that 14 out of 28 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

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

R1 – $67.19
R2 – $67.38
R3 (Range Resistance – Sell) – $67.57
R4 (Long Breakout) – $68.14
R5 (Breakout Target 1) – $68.80
R6 (Breakout Target 2) – $69.09

S1 – $66.81
S2 – $66.62
S3 (Range Support – Buy) – $66.43
S4 (Short Breakout) – $65.86
S5 (Breakout Target 1) – $65.20
S6 (Breakout Target 2) – $64.91

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

Central Pivot Point – $67.52
R1 – $68.83
R2 – $70.65
R3 – $71.96
R4 – $73.26

S1 – $65.70
S2 – $64.39
S3 – $62.57
S4 – $60.74

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: USD/CAD daily trading outlookForex Market: USD/CAD daily trading outlook Friday’s trade saw USD/CAD within the range of 1.3851-1.4001. The pair closed at 1.3955, rising 0.13% on a daily basis, while marking its third consecutive trading day of gains. The daily high has been the highest level since May 18th 2004, […]
  • Forex Market: CAD/MXN daily forecastForex Market: CAD/MXN daily forecast During yesterday’s trading session CAD/MXN traded within the range of 11.888-11.976 and closed at 11.953.At 11:13 GMT today CAD/MXN was gaining 0.23% for the day to trade at 11.979. The pair touched a daily high at 11.990 at 11:03 GMT, […]
  • Forex Market: USD/HKD daily forecastForex Market: USD/HKD daily forecast During yesterday’s trading session USD/HKD traded within the range of 7.7500-7.7513 and closed at 7.7502.At 7:57 GMT today USD/HKD was gaining 0.01% for the day to trade at 7.7508. The pair touched a daily high at 7.7509 at 7:42 […]
  • Crude oil trading outlook: WTI and Brent futures gain ahead of US oil reports, Ukraine supportCrude oil trading outlook: WTI and Brent futures gain ahead of US oil reports, Ukraine support WTI and Brent futures were higher during midday trade in Europe today, as traders await key reports on US oil inventories. EU foreign ministers meet today to discuss further actions against Moscow, in light of the MH17 incident.WTI for […]
  • EUR/AUD trades near 39-month high after weak China trade dataEUR/AUD trades near 39-month high after weak China trade data Key pointsEUR/AUD near highs unseen since May 2020 Aussie dollar weighed down by weak Chinese trade figures Germany's annual inflation confirmed at 6.2% in JulyThe Australian Dollar retreated to a fresh 39-month […]
  • SolarEdge announces acquisition of Wevo EnergySolarEdge announces acquisition of Wevo Energy SolarEdge Technologies Inc (NASDAQ: SEDG), a leader in smart energy technology, said earlier this week it had finalized the acquisition of the entire share capital of Wevo Energy Ltd.Wevo is a startup firm that specializes in EV […]