Video Citigroup potential bearish setup ahead of Jackson Hole

From a technical analysis perspective, Citigroup is exhibiting several negative elements in the medium-term. Firstly, it has broken below a former ascending range support in place since 25 Mar 2019, retested it on this Mon, 19 Aug before it retreated by -2.85% to print a low of 63.06 seen yesterday, 21 Aug.
Secondly, relative strength analysis against the market (S&P 500) and its sector (Financials) are suggesting further potential underperformance of Citigroup.
As long as the 66.90 key medium-term pivotal resistance is not surpassed, Citigroup many see a further drop to test the 60.05 intermediate support and a break below it sees a further decline towards the 54.25/53.80 medium-term support which also confluences with the 76.4% retracement of the previous up move from 26 Dec 2018 low to 25 Jul 2019 high.

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