Citigroup (C) – Forming a Wedge

Citigroup has formed a wedge and currently very close to the wedge support near the 61.8% Fibonacci Retracement Level.  Currently Citigroup just broke below all the three moving averages (20D, 50D, 200D) which is a bearish sign. Watch closely for the breakout. Base on the chart pattern, breakdown from this wedge pattern may send the stock to $1.00 but personally I think is unlikely to reach that level. I feel that the downside risk is limited and I am waiting Citigroup to go lower after breakout for long term investment.

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