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  • Stock Market Analysis for Wednesday - Citigroup Inc. (NYSE:C) , Bank of America Corp. (NYSE:BAC)

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    Wednesday September 1, 2010 at 08:58 am EST
     
    Citigroup Inc. (NYSE:C) Market Update
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    Citigroup Inc. (NYSE:C) has plans to almost triple its workforce in China in the next three years, by hiring around 7500 new employees. Citigroup, which currently has 4,500 employees in China. The hiring plans give a boost to Citigroup's efforts to expand in the region and compete with HSBC Holdings PLC and Standard Chartered PLC . Citigroup Inc. (NYSE:C) will also double its number of branches in Hong Kong to 50 and to 38 in the mainland China by the end of the year .

    Citigroup Inc. (NYSE:C) stock closed at $3.71 on Tuesday near the support level of $3.74. The support levels below that at $3.41 and $3.19 which are very weak. Resistance levels for Citigroup inc. - $3.85, $3.98 and $4.18.
     

    Bank of America Corp. (NYSE:BAC) stock closed at $12.46 on Tuesday near the support level of $12.59. The support levels below are at $12.1 and 411.56 but are very weak on fears of double dip. Resistance levels for Bank of America (BAC) - $13.23, $13.84 and $14.57.

    Shares of Citigroup Inc (NYSE:C) have a 1 yr target of $5.5. Top Analysts consider Citi a better investment than Bank of America Corp. (NYSE:BAC). Neither Citigroup Inc. nor Bank of America Corp. were able to make it to the list of Top 50 safest Banks of the World published earlier. 



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