CTAS closes higher for the 2nd day in a row
Cintas Corporation (CTAS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CTAS finished the month 7.42% higher at 266.36 after gaining $2.75 (1.04%) today, underperforming the Nasdaq 100 (1.96%). Closing above Monday's high at 263.84, the share confirmed its breakout through the prior session high after trading up to $3.98 above it intraday.
Daily Candlestick Chart (CTAS as at Jun 30, 2020):
Tuesday's trading range has been $7.81 (2.99%), that's slightly below the last trading month's daily average range of $8.54. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for CTAS.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 271.90 (R1).
Cintas shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the close-by swing high at 274.64 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Cintas. Out of 820 times, CTAS closed higher 55.00% 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 63.66% with an average market move of 1.20%.