Monday, March 16, 2015

CIT Group Inc. (NYSE: CIT)

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
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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