Today we'll analyze the Stock CIT for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 11.03$ (03/17/08) to 13.29$ (03/18/08) a 2.26$ move
2- The current bearish trend started from 13.29$ at 03/18/08 and is currently trading at 9.63$.
3- According to ADX, the trend is currently strong bearish, which is getting stronger.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Short term chart patterns :
4- The Stock traded in a bearish channel identifed by support at 11.03 and 16.09, resistance between 13.29 and 18.51, the channel is currently supported from below by 7.994 and resisted from above by 11.202.
Mid term chart patterns :
5- The Stock was resisted by a resistance line, identified by two points: 13.29 and 18.51, and is currently resisting at 11.202.
Long term chart patterns :
6- The Stock was resisted by a resistance line, identified by two points: 13.29 and 18.51, and is currently resisting at 11.202.
Conclusion:
CIT was trading in a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show highly volatile movements favoriting no favorited direction,
recommend hold or waiting for entry , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
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Resistance Levels: 10.49, 11.03, 11.20, 11.46, 11.89, 13.29.
Support Levels: .
We Moved!!
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Friday, March 21, 2008
CIT Group Inc. (CIT) Technical Analysis
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Shadi
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