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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fastenal (NASDAQ:FAST) based on the price action in the company's shares. Today's price range of $44.33 and $45.18 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $44.40, Fastenal is currently 11.4% above its average consensus analyst price target of $39.33. The stock should find resistance at its 50-day moving average (MA) of $46.98, as well as support at its 200-day MA of $41.42.

Over the past year, Fastenal has traded in a range of $34.45 to $49.99 and is now at $44.40, 29% above that low. The 200-day and 50-day moving averages have moved 0.22% higher and 0.28% higher over the past week, respectively.

Fastenal Company sell 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.

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

Keywords: bearish inside day candle Fastenal

Ticker(s): FAST