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Possible Bullish Inside Day Candle Pattern Detected for Cit Group Inc (NYSE:CIT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cit Group Inc (NYSE:CIT) based on the price action in the company's shares. Yesterday's price range of $43.04 and $43.73 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Cit Group Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

CIT Group Inc. operates as a holding company. The Company, through its subsidiaries, provides lending, advisory, commercial banking, vendor finance, and leasing services to small and middle market businesses. CIT Group operates globally.

Cit Group Inc (NYSE:CIT) has potential upside of 30.4% based on a current price of $43.10 and analysts' consensus price target of $56.22. Cit Group Inc shares should first meet resistance at the 50-day moving average (MA) of $44.10 and find additional resistance at the 200-day MA of $47.98.

Over the past year, Cit Group Inc has traded in a range of $35.50 to $54.02 and closed yesterday at $43.10, 21% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

SmarTrend is tracking the current trend status for Cit Group Inc and will alert subscribers who have CIT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle cit group inc

Ticker(s): CIT