Citigroup (C) Worth a Look

Citigroup (C) has made a nice recovery off its recent backtest to the 50/100-day moving averages earlier this month to reach a 52-week peak of $62.69 last Thursday. Current resistance is at $62.50-$62.75 with breakout potential to $65-$67 over the near-term. Support is at $61.50-$61.

Bullish traders can target the C June 63 calls (C170616C00063000, $0.60, flat) if shares clear $62.50-$62.75 this week. There are weekly options available to trade on Citigroup and remember these call options expire in less than three weeks. If shares are above $64.20 by June 16th, technically, these options would double from current levels.

The C July 65 calls (C170721C00065000, $0.75, down $0.05) would give a bullish trade over an extra month to play out with the break even point at $65.75. If shares can clear $66.50, technically, by July 21st, these call options would also return 100% from current levels. A double could occur sooner, depending on how fast shares move on a breakout past $63.

If shares of Citigroup fall below $61 the aforementioned trades would suffer and it would be time to start possibly looking at bearish positions using put options.