A rectangle pattern has formed in the chart of CIT Group, Inc. (NYSE:CIT). This means that CIT is trading in a sideways range and that there is currently a level of support and a level resistance at key levels. If these levels are surpassed, a trader could a breakout or breakdown.CIT Group, Inc. (CIT) is a financial holding company, which provides financing, leasing and advisory services. It operates through the following business segments: Commercial Banking, Consumer Banking and Corporate.
Take a look at the 1-year chart of CIT below with added notations:
Chart of CIT provided by TradingView