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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CIT Group (NYSE:CIT) based on the price action in the company's shares. Yesterday's price range of $33.49 and $33.97 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 53.4% for shares of CIT Group based on a current price of $33.82 and an average consensus analyst price target of $51.89. The stock should hit resistance at its 200-day moving average (MA) of $38.17, as well as support at its 50-day MA of $32.61.

CIT Group, Inc. is a bank holding company. The Company provides commercial financing and leasing products and management advisory services to clients in a wide variety of industries. The Company, also operates banks, that offers a wide range of commercial lending products.

In the past 52 weeks, shares of CIT Group have traded between a low of $25.19 and a high of $49.27 and closed yesterday at $33.82, which is 34% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 1.1%.

SmarTrend is tracking the current trend status for CIT Group 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

Ticker(s): CIT