Citigroup retraced and found support at the uptrend channel support (also the 61.8% FR) at about $42.23. The stock is still trading in an uptrend. If there is no earning surprises on April 15, 2013, C should continue the uptrend. The next immediate resistance is $47.68. 161.8% Fibonacci Target is $56.16.
Option Trade
- Strategy: Long Vertical Call Spread (Bullish Trade)
- Short C May13 45 Call, Long C May13 41 Call
- Entry Price = $43.44
- Breakeven Price = $43.43
- Max Profit = $624
- Max Loss = $976
- Reward vs Risk = 64%
