CTAS pushes through key resistance level


Cintas Corporation (CTAS) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
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
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

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
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

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

Market Conditions for Cintas Corporation
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CTAS surges 5.11% on high volume

Jul 20, 2018
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