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CTAS pushes through key resistance level

Technical Analysis Report for CTAS - Apr 16, 2018 [1 min read]
CTAS pushes through key resistance level
CTAS runs into sellers around 173.05 for the third day in a row
CTAS closes above its opening price after recovering from early selling pressure
CTAS ends the day on a bullish note closing near the high of the day
CTAS pushes through previous session high
TQ Sentiment
Technical Forecast:

CTAS finished Monday at 172.91 gaining $2.75 (1.62%) on low volume. Today's closing price of 172.91 marks the highest close since March 21st. Trading up to $0.92 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 172.75, the stock confirms its breakout through the previous session's high having traded $0.30 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for CTAS

Monday's trading range was $2.34 (1.36%), that's below last trading month's daily average range of $3.92. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 168.88 and 173.05 which it has been in now for the last trading week.


Breaking through the key resistance level at 172.12 today, it is now likely to act as support going forward. The share ran into sellers again today around 173.05 for the third trading day in a row after having found sellers at 172.75 in the prior session and at 173.04 two days ago.


The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 169.58 where further sell stops could get activated. With prices trading close to this year's high at 178.34, upside momentum might speed up should CTAS be able to break out to new highs for the year.


While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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Find out what happened when Cintas Corporation traded like this in the past. See the odds for each technical pattern with expected gain and loss.


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