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

By James Quinn

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 $255.88 and $259.41 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 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 $277.85 and closed yesterday at $257.06, which is 65% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.2%.

Cintas Corp (NASDAQ:CTAS) is currently priced 33.5% above its average consensus analyst price target of $170.88. Cintas Corp shares should encounter resistance at the 50-day moving average (MA) of $263.20 and support at its 200-day MA of $238.85.

SmarTrend is tracking the current trend status for Cintas Corp and will alert subscribers who have CTAS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle cintas corp

Ticker(s): CTAS