Citigroup is yet another major financial institution that is set to report earnings for Q3 on Tuesday. Unlike Goldman Sachs, which looks almost certain to deliver yet another disappointing quarterly performance, the outlook on Citigroup looks much more promising. According to Nasdaq
“Citigroup Inc. is expected* to report earnings on 10/15/2019 before market open. The report will be for the fiscal Quarter ending Sep 2019. According to Zacks Investment Research, based on seven analysts' forecasts, the consensus EPS forecast for the quarter is $1.96. The reported EPS for the same quarter last year was $1.74.”
If those results are realized, Citigroup will improve its quarterly performance on a year to year basis. Also, the company would marginally exceed its performance from the second fiscal quarter, when the Earnings Per Share were recorded at $1.95.
Assuming that Citigroup reports EPS of $1.96 on Tuesday, this will be the company’s fourth consecutive month of rising earnings.
The share price of the company appears to be forming a Head and Shoulders pattern on the daily chart. If the earnings report turns out to exceed the initial expectations, the share price is likely to breakout above the crucial resistance level of 71.00.
Alternately, the price is likely to tumble down and finalize the forming of the right shoulder’s arm.
Image source: Trendsharks ©, created with TradingView.com
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