The SmarTrend Trading Community

Q: ANDY

HOW R U?
WHAT U THINK ON CITI (C)?

SAY ANY INFO?

BR.

A: We covered SAY not that long ago and our thesis hasn’t changed.  It is getting closer to that $5 level which is good as it makes its way toward resistance.  Check the blog post here: http://blog.mysmartrend.com/blog/?p=261
As for C, yesterday’s action was disturbing.  Market was up 100 points and yet stock was down more than 7%.  Perhaps financial investors are rotating into healthier banks with less balance sheet issues and more freedom from government involvement.  From SmarTrend perspective, we have not yet changed our trend rating since the Uptrend was issued on 3/16 @ $2.30.  But for some reason C has failed to climb above the 50-day moving average and now our NBDV and IBDV indicators are declining.  Our proprietary DR ratio is also showing some signs of negative movement.  It may try to test $2.50-$2.60 level so aggressive traders may try and play for a bounce as a trade only but huge down slope MAs indicate some serious negative pressure.

Q: Please tell me the satyam stock resistance in indian markets.

A: Sanjeev,

We only look at US exchanges and follow SAY that trades on the NYSE.  First resistance from here is the $5 level where it last topped and then sold off.  Beyond that we have the huge gap down back in January which will be tough to fill and require some work.  That’s at the $9 level.  But first, let’s see SAY try and work its way back above $5 and through the 200-day moving average just above.  Then with some positive fundamental news and a complying market, SAY may recover that gap.  There is some recent news about their accounting restatements that you may want to read up on.  Te results may have an impact on the near term price move.  We had it in a Downtrend before the gap down and we called it on 11/19.  We then issued an Uptrend on 1/28 @ 2.08 and there have been no changes since.