JOURNAL: C Calls – PART 3

Last Update: 8/1/2017

7/19/2017

As I am still holding remainder of my CALLS on Citi (C), it is now trying to hold “20EMA” last 4-trading days.  For the minor-term trend to shift back to bullish, we would want to see C holding the 20EMA here and starts to see some accumulation to the upside.  We did see a strong bounce right on that 20EMA back in 6/26/17, so I think lot of traders are looking at this level for a potential bounce-play; and also looks like a bull flag pattern in this controlled-manner pullback since 7/3/17.  If we do see a bounce here, I think we are going 71ish.  I am holding my CALLS since 60.53 & 61.28 (closed 1/3 positions @ 68.63).

 PART 1 & 2

7/24/2017

Citi has been slowly fading since July 5th.

• Last two days, trading slightly below the “20EMA:” minor-term bulls want to see reclaiming the 20EMA to the upside
• 20EMA is flattening out: Minor-term uptrend losing momentum here
• Falling wedge pattern: It’s a bullish pattern..
• If it can confirm the breakout the upside clearing above the “Breakout Level” @ 67.20ish.

I am still holding my CALLS since 60.53 & 61.28 (closed 1/3 positions @ 68.63).

7/25/2017

Citi gaped up this morning finishing the day with +2.92% gain leading the entire bank sector.

• Falling wedge breakout is now confirmed with the volume spike
• Should the price slides, we would want to see 67.20ish hold for this momentum to continue
• I expect higher prices as long as we stay above 67.20ish
• I will be thinking about unloading some of my positions at around 72 – 74ish

I am still holding my CALLS since 60.53 & 61.28 (closed 1/3 positions @ 68.63).

7/31/2017

On my previous update (7/25/17), I’ve noted that “67.20ish” is the level to hold for the buyers to bring the price back up. Well, we’ve found a doji right on that level (see arrows) yesterday and gaped up this morning with a bullish candle–last three candles formed “Morning Star Reversal.”  Upon breakout above 68.50ish resistance, I think we will get another leg-higher move to the upside.  Let’s see if the bulls can break above this resistance here.  I am still holding my CALLS since 60.53 & 61.28 (closed 1/3 positions @ 68.63).

8/1/2017

So, Citi gaped up this morning and closed the day strong with a solid volume confirming the “Morning Star Reversal.” Citi continues to lead the entire bank sector (Today: C +1.68% vs XLF -0.02%) as it has been showing great relative strength for months now, and I think Citi is going to continue to lead.  I am targeting about 74-75,but I may look to close some of my positiosn at 72.50ish.  Should the price slides next several days, I would want to see 69.00 – 68.50 levels to hold for the minor-term momentum to continue to the upside.  Trend is up, and as long as we have rising 20EMA benefit of the doubt goes to the buyers. I am still holding my CALLS since 60.53 & 61.28 (closed 1/3 positions @ 68.63).

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