Citigroup - Good price?

I've been keeping my eye on Citigroup. The contrarian and value investor in me can't help but rub my hands greedily looking at the huge amounts of negative speculation. Over the last couple of weeks I've heard everything from people speculating they'll go bankrupt to cutting their dividend. All the while the stock has plummeted, at this point trading slightly under $33/share. In reality, Citigroup is not going to go bankrupt. Analysts are anticipating a minor loss per share of .25-.30 cents. They can sell off assets to meet obligations if need be and their credit rating is still strong so I'm not concerned about that.

If you look at the technicals, this stock is trading at the lowest its seen in years. Its been encountering very little resistance on the way down as well and hasn't managed to hit any major resistance points until yesterday when it bounced off $31. The technicals are pointing to oversold but the price hasn't reversed trend and doesn't look like its going to for the next day or two. To be fair, I would buy this stock at $40/share, but I use technicals to determine a good entry point. Value analysis allows me to determine what would be a good stock to buy but it fails when it comes to figuring out near term entry prices, so I've been using charting to figure out where sentiment is going to go for the next few days. The idea being to try to catch it at a high resistance point bottom.

For Citigroup, I've determined the next truly major resistance point at $26/share, but I don't think it will make it this far. I'm going to set a price target early next week of $30/share and I'll revise as necessary if it doesn't reach any intraday resistance at that price.

At that price, year over year I'm looking at roughly 100% appreciation based on concensus estimates plus dividends. I'm anticipating by year's end this stock will trade in the upper 30's, early 40's but my ultimate price target is $60/share by end of year 2008.