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  • Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC): Is it Time to Buy Yet ?

    Citigroup official logo
    Monday July 11, 2011 at 06:55 pm EST
     

    Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) Plunged Deep in Red. 
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    Shares of Citigroup Inc. (NYSE:C) closed at $39.79 Today dropping over 5%. Major resistance levels above $39.79 are at $40.32, $41.21, $42.1, $44.4, $45.97, $47.84, and $50.76. Major support points below Today's close are at $39.27 and at $37.62. Citigroup Inc. (NYSE:C) is expected to report its earnings later this week on Friday. On average, analysts expect the lender to post a profit of $0.99 per share on revenue of $20.02 billion. Last quarter, Citi posted a 9% upside earnings surprise, as it earned $1 per share.

    Bank of America Corp. (NYSE:BAC) dropped over 3% on Monday closing at $10.35 touching its new 52 week low of $10.30 on concerns over World economy. Bank of America (NYSE:BAC) also announced Today that Terry Laughlin, who currently leads Legacy Asset Servicing, will assume the Chief Risk Officer role. He is expected to transition into the role late in Q3.



    Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $10.56, $11.16, $11.76, $12.3, $12.67 and $13.2. There is no major support level below the current price. Investors are highly skeptic about the future of Financial stocks. It will be catastrophic for the stock market if any of the big banks including Bank of America Corp.(NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC) and Citigroup Inc. (NYSE:C) fail to stabilize.


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