Citigroup $C rallied sharply during the 1/14 (Monday) session. We can attribute this strength to the latest Q4 earnings report. According to CBNC:Citigroup, the first of the big U.S. banks to report fourth-quarter results, missed revenue estimates by a half-billion dollars as bond trading revenue declined amid a difficult December for markets.The bank made $1.61 per share in profit, excluding one-time impacts of the U.S. tax overhaul, beating analysts' expectations for $1.55 on better-than-expected cuts in expenses and loan losses.Citigroup posted fourth-quarter profit that beat analysts' expectations on better-than-expected expense declines and loan losses. The bank made $1.61 in profit per share excluding one-time impacts of the U.S. tax overhaul, beating analysts' expectations for $1.55 per share. Operating expenses fell 4 percent to $9.89 billion in the quarter, driven in part by lower compensation costs. Earnings of $4.2 billion rose 14 percent in the quarter, thanks to lower expenses, credit costs and a lower corporate tax rate.Citigroup shares rise after beating quarterly profit expectations on cost-cuttingC Daily Chart(click to enlarge)Rebounding Towards Resistance:- Price action has been sideways to bearish since early 2018. We saw a stronger bearish correction in late 2018. - But along with the general equities market, Citigroup shares found buyers in late December, and it found support around $49. - The earnings report jolted price from $56 to $59. - We can anticipate some short-term momentum here, but I don't think the earnings report is going to be enough of a catalyst to overcome general market risk. - I think price will find resistance as it approaches the $62 area, and I would limit my bullish outlook to here for now. - This area involves a previous support/resistance pivot area as well as a falling trendline. - But, we should not be surprised if the recovery extends a little higher towards $66. But $66 is the absolute maximum bullish outlook for C in the short-term. - I think we are still going to have another iteration of market contraction that will push C back towards $50. The market will probably need to see more evidence of a bottom before committing to a bullish continuation scenario.