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

By Amy Schwartz

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 $42.41 and $42.77 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.

Fastenal share prices have moved between a 52-week high of $49.99 and a 52-week low of $34.45 and are now trading 24% above that low price at $42.61 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

Fastenal (NASDAQ:FAST) is currently priced 7.7% above its average consensus analyst price target of $39.33. The stock should hit resistance at its 50-day moving average (MA) of $46.98, as well as support at its 200-day MA of $41.42.

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 recommended that its subscribers protect gains by selling shares of Fastenal on May 19th, 2016 by issuing a Downtrend alert when the shares were trading at $44.85. Since that call, shares of Fastenal have fallen 5.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Fastenal

Ticker(s): FAST