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CIT Group Bearish Moving Average Crossover Alert (CIT)

By James Quinn

CIT Group (NYSE:CIT) crossed under its 10-day moving average of $36.36 on a volume of 1.1 million 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.

CIT Group share prices have moved between a 52-week high of $49.27 and a 52-week low of $25.19 and are now trading 41% above that low price at $35.50 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has slid 0.8%.

SmarTrend recommended that subscribers consider buying shares of CIT Group on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.00. Since that recommendation, shares of CIT Group have risen 10.5%. We continue to monitor CIT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses CIT Group

Ticker(s): CIT