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Cintas (CTAS) Just Overtook the 50-Day Moving Average
Cintas (CTAS - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CTAS broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
Shares of CTAS have been moving higher over the past four weeks, up 6.1%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that CTAS could be poised for a continued surge.
Looking at CTAS's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 7 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on CTAS for more gains in the near future.