CIT Group is Setting Up for a Big Move

NYSE: CIT | CIT Group Inc (DEL)  News, Ratings, and Charts

CIT – A rectangle pattern has formed in the chart of CIT Group, Inc. (CIT). This means that CIT is trading in a sideways range and that there is currently a level of support and a level resistance at key levels. If these levels are surpassed, a trader could a breakout or breakdown.

CIT Group, Inc. (CIT) is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Corporate.

Take a look at the 1-year chart of CIT below with added notations:

Chart of CIT provided by TradingView

 

After moving higher for the better part of 6 months, CIT has now moved into a sideways trading range. While in its range, the stock has formed a resistance level at $55 (red) and a level of support at $50 (green). 

CIT is sitting in the middle of that range now, but at some point the stock will have to either break the resistance or the support. 

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The possible long position in the stock is on a breakout above $55. The ideal short opportunity would be on a break below $50.

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@cmtstockcoach

 


CIT shares were unchanged in premarket trading Friday. Year-to-date, CIT has gained 47.43%, versus a 16.24% rise in the benchmark S&P 500 index during the same period.


About the Author: Christian Tharp


I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group and Yolo Publishing. More...


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