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According to a February 7th statement by Citigroup Incs unit in China, the latter was granted a “Type A” bond settlement agent license by the Peoples Bank of China. This way Citigroup became the first bank having its headquarters located in the United States to receive “Type A” license, which enables it to operate as a bond settlement agent in the Chinese interbank bond market. The announcement came one day after JP Morgan Chase & Co said it had been granted a corporate bond underwriting license by the National Association of Financial Market Institutional Investors (NAFMII).

Citigroup shares closed lower on Monday, while marking their sixth loss in the past eight trading sessions. The stock edged down 0.21% ($0.12) to $57.64, with the daily high and the daily low being at $58.35 and $57.34 respectively. In the week ended on February 5th the shares of the financial group added 1.14% to their market value compared to a week ago, which marked a second consecutive period of gains, but yet, the smallest one since the week ended on October 2nd 2016. The stock has pared its advance to 3.24% so far during the current month, following a 6.06% slump in January. The latter has been the first monthly drop since last September. For the entire 2016, the shares of the NYSE-listed financial holding company gained 14.84%.

Entities holding a “Type A” license in China are able to trade, settle and provide custodian services for interbank bond market products on a proprietary basis as well as on behalf of foreign clients.

Chinas bond market has expanded by over 600% since 2005 and is currently the third largest market worldwide in terms of issuance. The value of bonds outstanding increased to $9.3 trillion as of the end of 2016, according to Citigroup.

“Chinas bond market is exciting and dynamic as China accelerates the internationalization of RMB”, Christine Lam, President and Chief Executive Officer of Citi China, said in a reference to the local currency, cited by Reuters.

Daily and Weekly Pivot Levels

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

R1 – $57.73
R2 – $57.83
R3 (Range Resistance – Sell) – $57.92
R4 (Long Breakout) – $58.20
R5 (Breakout Target 1) – $58.52
R6 (Breakout Target 2) – $58.66

S1 – $57.55
S2 – $57.45
S3 (Range Support – Buy) – $57.36
S4 (Short Breakout) – $57.08
S5 (Breakout Target 1) – $56.76
S6 (Breakout Target 2) – $56.62

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

Central Pivot Point – $56.96
R1 – $58.68
R2 – $59.61
R3 – $61.33
R4 – $63.06

S1 – $56.03
S2 – $54.31
S3 – $53.38
S4 – $52.46

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