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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fastenal Co (NASDAQ:FAST) based on the price action in the company's shares. Yesterday's price range of $50.20 and $50.83 is within the prior day'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. Traders and investors interested in shares of Fastenal Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Fastenal Co has traded in a range of $37.70 to $58.74 and closed yesterday at $50.67, 34% above that low. 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%.

Potential upside of 13.6% exists for Fastenal Co, based on a current level of $50.67 and analysts' average consensus price target of $57.56. The stock should find initial support at its 50-day moving average (MA) of $46.98 and further support at its 200-day MA of $41.42.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Fastenal Co on March 23rd, 2018 by issuing a Downtrend alert when the shares were trading at $54.82. Since that call, shares of Fastenal Co have fallen 8.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle fastenal co

Ticker(s): FAST