Top Financial Stock – Citigroup Ready to Surge, Driven by Faster Economic Recovery
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    Citigroup Can’t Seem to get Losses Under Control

    Citigroup Inc. (NYSE: C) has seen its share price slowly decline over the past month from a high of $4.19 per share to its most recent price of $3.71. Citigroup who was once one of the high powered financial firms and a regular in Fortune Magazine’s Fortune 500, has been all but crushed by the recent economic meltdown, and taxpayer bailout. Adding to Citigroup’s problems is their consumer financial branch CitiFinancial whose recent loan delinquency rate came in a quarter of 1% higher than expected.

    Citigroup’s consumer financial branch had approximately $15.4 billion in personal loans outstanding at the close of June. The 0.25% represents $38.5 million in loans that has fallen into delinquency. In an effort to slow the outflow of cash from its thinning bottom line Citigroup closed more than 330 branches and more than three quarters of a million accounts were moved to other branches. These cost cutting steps come as many of the closed branches are being converted to service centers to help deal with the rise in delinquent loans.

    Technical indicators don’t spell out a better future for the beaten financial firm it is below both its 50 day and 200 day moving averages and is trending lower, showing obvious bearish signs as the Dow, Nasdaq, and S&P all sustain big loses. The good news for Citigroup is that technically speaking it has crossed below its 6% moving average envelope line for the most recent 20 day period, placing it in an excellent position for a bullish move back above the line.

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