Shares of Citigroup Inc. (NYSE:C) have been getting pummeled. At the beginning of the month, they were trading around $80 and now they’re trading around $70.
But they’re oversold and at support, which means there’s a chance they stage some kind of rebound.
There was resistance at the $69 level in January. Then the level converted into support. This is where C found a bottom in March and April. Both of those times were followed by a rebound.
There’s a chance they rebound again off of this important level, but if they don’t and the support breaks, a rapid and large move lower may follow.
