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Bearish Moving Average Cross by Cit Group Inc (CIT)

By David Diaz

Today, shares of Cit Group Inc (NYSE:CIT) have crossed bearishly below their 10-day moving average of $44.88 on a volume of 151K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of Cit Group Inc have traded between a low of $28.33 and a high of $50.40 and are now at $44.71, which is 58% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 1.1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Cit Group Inc on August 10th, 2017 by issuing a Downtrend alert when the shares were trading at $46.72. Since that call, shares of Cit Group Inc have fallen 3.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: moving crosses cit group inc

Ticker(s): CIT