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After Yesterday's Rally of 3.68% Shares Could Potentially Pullback
Mar 07, 2013 (SmarTrend(R) News Watch via COMTEX) --
CIT Group (NYSE:CIT) traded in a range yesterday that spanned from a low of $42.97 to a high of $44.88. Yesterday, the shares gained 3.7%, which took the trading range above the 3-day high of $43.17 on volume of 3.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
CIT Group share prices have moved between a 52-week high of $44.88 and a 52-week low of $32.29 and are now trading 38% above that low price at $44.49 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.6%.
SmarTrend recommended that subscribers consider buying shares of CIT Group on January 2nd, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.11. Since that recommendation, shares of CIT Group have risen 9.7%. We continue to monitor CIT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
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