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  • Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) Gaining Back Investor Confidence

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    Tuesday Aug 9, 2011 at 10:49 pm EST
     

    Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) Gaining Back Investor Confidence
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    Shares of Citigroup Inc. (NYSE:C) which are still down about 32% YTD gained 14% on Tuesday closing at $31.82. Major resistance levels for Citigroup Inc. (NYSEC) above $31.82 are at $37.65, $39.27, $40.17, $42.63, $44.58, $45.77, and $46.9. There are no support points below Today's close. The gains came after the Federal Reserve pledged for the first time to keep its benchmark interest rate at a record low at least through mid-2013 to revive a recovery that’s “considerably slower” than anticipated.

    Bank of America Corp. (NYSE:BAC) CEO Brian T. Moynihan said that he has no plans to step aside adding that "We’re doing the right thing,” during an interview with CNBC. While the bank may sell some businesses to boost capital, Merrill Lynch units won’t be among them because they’re too important to customers, he said.



    Shares of Bank of America gained 17% to close at $7.60 Today. Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $9.58, $10.39, $11.16, $11.84, $12.34 and $13.56. There is no major support level below the current price and a negative news can be real bad for BofA here. Investors are highly skeptic about the economy and any negative news results in fear sell off.


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