CIT Group Inc. operates as the holding company for CIT bank that
provides commercial financing and leasing products; and a suite of
savings options in the United States. Its Transportation &
International Finance segment offers leasing and financing solutions to
operators and suppliers in the aviation and railcar industries. The
company’s North American Commercial Finance segment offers commercial
services, such as factoring, receivable management products, and secured
financing to apparel, textile, furniture, home furnishings, and
consumer electronics industries; corporate finance, including financing
options and advisory services to commercial and industrial,
communications, media and entertainment, energy, and healthcare
industries; leasing and equipment loan solutions; and commercial real
estate loans to developers and other commercial real estate
professionals.
Take a look at the 1-year chart of CIT (NYSE: CIT) with the added notations:
CIT has been trading mostly sideways over the last 10 months while
repeatedly finding support at $43 (green) whenever that level has been
approached. Now that the stock appears to be on its way down there
again, traders should be able to expect some sort of bounce. However, if
the $43 support were to break, much lower prices should follow.
The Tale of the Tape: CIT has a key level of support
at $43. A trader could enter a long position at $43 with a stop placed
under the level. If the stock were to break below the support a short
position could be entered instead.
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