Possible Bearish Inside Day Candle Pattern Detected for Cintas (NASDAQ:CTAS)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cintas (NASDAQ:CTAS) based on the price action in the company's shares. Today's price range of $113.56 and $115.19 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
In the past 52 weeks, Cintas share prices have been bracketed by a low of $78.00 and a high of $117.65 and are now at $114.76, 47% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.
Cintas (NASDAQ:CTAS) is currently priced 21.9% above its average consensus analyst price target of $89.67. Cintas shares have support at the 50-day moving average (MA) of $88.85 and additional support at the 200-day MA of $88.02.
Cintas 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.
SmarTrend recommended that subscribers consider buying shares of Cintas on March 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $87.01. Since that recommendation, shares of Cintas have risen 29.9%. We continue to monitor CTAS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle Cintas