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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cintas Corp (NASDAQ:CTAS) based on the price action in the company's shares. Yesterday's price range of $246.51 and $249.42 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. Traders and investors interested in shares of Cintas Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, shares of Cintas Corp have traded between a low of $155.98 and a high of $270.36 and closed yesterday at $246.51, which is 58% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.8%.

Based on a current price of $246.51, Cintas Corp is currently 30.7% above its average consensus analyst price target of $170.88. The stock should find resistance at its 50-day moving average (MA) of $255.85, as well as support at its 200-day MA of $214.67.

SmarTrend is monitoring the recent change of momentum in Cintas Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cintas Corp in search of a potential trend change.

Keywords: bullish am inside day candle cintas corp

Ticker(s): CTAS