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Possible Bearish Inside Day Candle Pattern Detected for Cintas Corp (NASDAQ:CTAS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cintas Corp (NASDAQ:CTAS) based on the price action in the company's shares. Yesterday's price range of $174.80 and $177.92 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cintas Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cintas Corp share prices have moved between a 52-week high of $178.34 and a 52-week low of $91.24 and closed yesterday at 94% above that low price at $176.61 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

Cintas Corporation designs, manufactures, and implements corporate identity uniform programs. The Company also provides entrance mats, restroom supplies, promotional products, document management, fire protection, and first aid and safety services.

Cintas Corp (NASDAQ:CTAS) defies analysts with a current price ($176.61) 5.1% above its average consensus price target of $167.67. The stock should discover initial support at its 50-day moving average (MA) of $88.85 and subsequent support at its 200-day MA of $88.02.

SmarTrend recommended that subscribers consider buying shares of Cintas Corp on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $165.17. Since that recommendation, shares of Cintas Corp have risen 7.9%. We continue to monitor CTAS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cintas corp

Ticker(s): CTAS