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Watch for Cit Group Inc to Potentially Pullback After Gaining 2.02% Yesterday

By Nick Russo

Cit Group Inc (NYSE:CIT) traded in a range yesterday that spanned from a low of $49.13 to a high of $49.87. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $49.16 on volume of 874,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 $49.67, which is 75% 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 subscribers consider buying shares of Cit Group Inc on June 12th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $46.53. Since that recommendation, shares of Cit Group Inc have risen 4.6%. We continue to monitor CIT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders cit group inc

Ticker(s): CIT