Technical analysis, support levels, resistance levels, testing, retesting… some people take it seriously, some people regard the stuff as they would astrology-based investing. Without wading too deeply into this debate, we feel comfortable saying that reasoning like this is utter hogwash:
CNBC: Citigroup shares could slump toward their 1992 low of around $1.90 as selling pressure for the beleaguered Wall Street giant remains strong, Royce Tostrams, technical analyst at Tostrams Groep, told CNBC Friday. Selling pressure is dominating the market,” Tostrams said. “There is only support at the levels of 1992, when the price of Citigroup was hovering around $1.90, $2,” he said.
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