The following is technical analysis on CIT Group, Inc. (CIT) for October 20, 2009CIT Group, Inc. (CIT) support and resistance levels - 10/20/09
Resistance Levels - $1.39
Support Levels - $1.11, $1.00
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CIT Group, Inc. (CIT) received some positive news on Monday that Carl Ichan might be underwriting a 6 billion dollar loan for the company. The stock spiked back to the 50 day moving average but then sold off throughout the day. As I have said before, I will not trade this stock until it gets above the 50 day moving average because it is so risky. So with that said, I will be watching $1.40 very closely and if CIT breaks up through this level, I plan to jump in for a quick trade. Until then, support is located at $1.11 which is the 10 day moving average. For More Technical Analysis - Go Here
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