CTAS closes higher for the 5th day in a row
Cintas Corporation (CTAS) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, CTAS finished the week 3.19% higher at 300.88 after gaining $2.78 (0.93%) today on low volume, outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 300.88 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 300.12, the market confirmed its breakout through the previous session high after trading up to $1.12 above it intraday.
Daily Candlestick Chart (CTAS as at Feb 14, 2020):
Friday's trading range has been $2.84 (0.95%), that's far below the last trading month's daily average range of $4.52. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CTAS.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on December 10, 2019, CTAS gained 0.84% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for Cintas. Out of 682 times, CTAS closed higher 54.69% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.46% with an average market move of 1.07%.