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After Yesterday's Rally of 1.54% Shares Could Potentially Pullback

By Shiri Gupta

CIT Group (NYSE:CIT) traded in a range yesterday that spanned from a low of $45.90 to a high of $47.40. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $45.98 on volume of 8.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, CIT Group has traded in a range of $25.19 to $49.27 and is now at $46.09, 83% above that low. 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 recommended that subscribers consider buying shares of CIT Group on March 30th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.67. Since that recommendation, shares of CIT Group have risen 6.3%. We continue to monitor CIT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders CIT Group

Ticker(s): CIT