CTAS gaps up but approaching $80
CTAS has been in good uptrend for some time but had a fair bit of resistance to tackle before being considered for a long-term buy candidate.
At the end of 2013 price finally broke through the 2002 pivot high ($56.62) and the weekly chart shows the subsequent retest (as a double bottom) converting previous resistance into support. Since the confirmation of this chart pattern the bullish trend momentum has continued.
On the daily chart the trend is not the most linear but is adequate. Friday's gap up was an extremely bullish bar with higher volume (on the earnings announcement). If it weren't for the $80 round number (and the Christmas break) up ahead I would consider this a near-term long opportunity.
At the end of 2013 price finally broke through the 2002 pivot high ($56.62) and the weekly chart shows the subsequent retest (as a double bottom) converting previous resistance into support. Since the confirmation of this chart pattern the bullish trend momentum has continued.
On the daily chart the trend is not the most linear but is adequate. Friday's gap up was an extremely bullish bar with higher volume (on the earnings announcement). If it weren't for the $80 round number (and the Christmas break) up ahead I would consider this a near-term long opportunity.
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