Citigroup is hitting resistance at the exact same level that it did in July of 2015. This is really an incredible phenomena if you think about it. How can it be that this company has the same valuation now that it did a year and a half ago? The economic environment is different. The political environment is different. Interest rates and the dollar are at different level. Ask a fundamental analyst to explain it. That should be good for a laugh
The reason why is that prices are determined by supply and demand and this can be seen in the charts as trends and levels. There is supply at the $60 level because the people who bought at $60 in July of 2015 have had a loss in it since then. Many of these people have told themselves that if the stock ever got back to the $60 level they would sell it so they could get out of the position at breakeven.
When stocks are in uptrends, the forces of demand are overpowering the forces of supply. When they are in a downtrend the forces of supply are overpowering the forces of demand. When they are trading sideways at support or resistance levels, as is the case with Citigroup here, the forces of supply and demand are equal.
There is probably a trade being setup here because when equities hit important levels such as levels where they had major trend changes in the past, they tend to make a big move...either up or down. It's too soon the tell here which way C will go, but a possible strategy would be to go long around $62 because that would mean that the demand has finally overpowered the supply that was around the $60 level. Conversely, short it around $58 because that would mean that it is once again failing at this level like it did in August of 2015 and may be beginning a long-tem downtrend.