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Possible Bearish Inside Day Candle Pattern Detected for Fastenal Co (NASDAQ:FAST)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fastenal Co (NASDAQ:FAST) based on the price action in the company's shares. Today's price range of $69.67 and $69.67 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Fastenal Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Fastenal Company sells industrial and construction supplies in a wholesale and retail fashion. The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and the Netherlands.

Based on a current price of $69.67, Fastenal Co is currently 20.3% above its average consensus analyst price target of $55.54. Fastenal Co shares have support at the 50-day moving average (MA) of $63.18 and additional support at the 200-day MA of $57.40.

Fastenal Co share prices have moved between a 52-week high of $69.80 and a 52-week low of $47.37 and are now trading 47% above that low price at $69.67 per share. The 200-day and 50-day moving averages have moved 0.71% higher and 1.13% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Fastenal Co and will alert subscribers who have FAST in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle fastenal co

Ticker(s): FAST