CIT Group, Inc. New Common (CIT)

[ITMS]

CIT Group Inc $CIT Slides, Watch This Trade Level

CIT Group Inc (NYSE:CIT) is a leading provider of financing, leasing and advisory services to middle market companies in a range of industries in North America. Today, the stock is falling lower by $2.42 to $52.82 a share. This decline breaks the recent uptrend in CIT stock. Very often, sharp declines like this will lead to further downside in the near term. Traders should note that the stock has support around the 200-day moving average which is currently around the $50.00 area. Unfortunately, CIT stock trades less than a million shares a day on average, this tells me that we have to compensate for overshoot and look lower. The next major support level for CIT would be around the $48.00 area. This level is where the stock broke out in November 2017 and should be solid support when retested.





Nicholas Santiago
InTheMoneyStocks