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Prince Alwaleed Bin Talal goes shopping

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Saudi prince Alwaleed Bin Talal pulled out some pocket change in recent weeks (about $1 billion) and sprinkled $500 million into Citigroup (NYSE:C), $450 million toward AOL Time Warner (NYSE:AOL) and $100 million in Priceline.com (NASDAQ:PCLN).

Prince Point and Figure?

Prince Alwaled Bin Talal got my interest as he disclosed that "at $43, shares of Citigroup (C) was at too attractive a price." At $43, shares of Citigroup (C) was sitting right on bullish support trend.

Citigroup Chart - $1 box

There were some "technical merits" to the prince's purchase as the stock as right on bullish support trend at $43. The $500 million purchase at $43, brings the prince's stake to just around $10 billion.

Priceline.com Chart - $0.25, $0.50 and $1 box

The recent $100 million investment by the prince in PCLN rounds out to a 5.4% stake. "The aim was to lower his average share price and the latest plunge in price allowed Alwaleed to bring that average down to a single digit price basis," the statement read.

Two other stocks the prince recently took a stake in were shares of Ebay (NASDAQ:EBAY) and Amazon.com (NASDAQ:AMZN).

Jeff Bailey
Senior Market Technician
Option Investor

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