CIT Group, Inc.(CIT) is in an downtrend but momentum is showing some life

(29-Apr-2008) (29-Apr-2008) CIT Group, Inc.(CIT) closed at 10.91, up 0.41 or 3.9 % for the day. Based on our analysis, CIT Group, Inc.(CIT) is in an downtrend but momentum is showing some life.

The closing price of CIT Group, Inc.(CIT) is below its 50 day moving average of 15.57 (Designated by blue line). This indicates that the trend is down. The MACD histogram(Gray bars on the bottom) above the signal line(Dark Red Line) tells us that CIT Group, Inc.(CIT) is gaining momentum. An downtrend with sustained rising momentum could be early sign of reversal. The MACD histogram crossed above the signal line on 1-Apr-2008, about 22 trading days ago.