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  • Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) - Why Moving up Today

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    Thursday July 7, 2011 at 09:32 am EST
    Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) Why Moving up. 
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    Shares of Citigroup Inc. (NYSE:C) closed at $42.01 on Wednesday below the resistance level of $42.74. Major resistance levels above $42.01 are at $42.74, $44.4, $45.97, $47.84, and $50.76. Major support points below Today's close are at $41.21, $40.32, $39.27 and at $37.67. Citigroup Inc. (NYSE:C) said that it plans to increase the number of its China outlets by 50% this year, and will look at more inland cities and populous rural areas.

    Bank of America Corp. (NYSE:BAC) closed at $10.74 on Wednesday on concerns over investors not being happy with the $8.5 billion settlement deal. Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $11.16, $11.76, $12.3, $12.67 and $13.2. The only major support level below the current price is at $10.56.

    As per reports from Bloomberg, Bank of America (BAC), JPMorgan Chase (JPM), Citigroup Inc. (C), Wells Fargo & Co. (WFC) and Ally Financial are in advanced talks to resolve state and federal claims over faulty foreclosures, with negotiators now setting July 13 for a settlement which could be more than $20B. Both Bank of America and Citigroup have gained more than 1% in the pre-market on the news.

    Citigroup Inc. (NYSE:C) has also decided to scale back the planned sale of its former CitiFinancial unit as part of negotiations with Centerbridge and Leucadia. People familiar with the matter say Citigroup is discussing a sale of about $9B in assets, with about $4B in property assets carved out of the sale.

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