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Limit5BassSeptember 30, 2018 at 8:04 pm #32391
This 20 year monthly candlestick chart for CTAS shows what I believe is a Wave 3 in process. This Wave 3 is almost complete and after a pullback to the gray shaded box area its share price should see one more high at least to what is sketched out. This would complete what I believe would be an extended bullish impulse wave pattern on a long-term basis. If that is the case, shares would be sold at new highs and then repurchased several months later back at the same gray shaded box. The only way the repurchase area would move higher would be if Wave 5 also developed into an extended bullish impulse wave pattern.
If the gray shaded box does not hold and shares were purchased in there, look to purchase additional shares around the $170 support level. If this does happen though you will most likely be exiting out of the trade before a new all-time high is made. The best case scenario for CTAS at this point is to reverse and rebound no lower than the gray shaded box. Anything lower before rebounding, like the $170 support area, indicates a longer-term consolidation.
CTAS – Cintas Corporation
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