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

By Amy Schwartz

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 $48.91 and $49.76 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.

In the past 52 weeks, Fastenal Co share prices have been bracketed by a low of $45.96 and a high of $61.14 and closed yesterday at $49.31, 7% above that low price. The 200-day and 50-day moving averages have moved 0.19% lower and 1.11% lower over the past week, respectively.

There is potential upside of 12.6% for shares of Fastenal Co based on a current price of $49.31 and an average consensus analyst price target of $55.54. The stock should find initial resistance at its 200-day moving average (MA) of $54.47 and further resistance at its 50-day MA of $56.78.

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 October 5th, 2018 by issuing a Downtrend alert when the shares were trading at $56.57. Since that call, shares of Fastenal Co have fallen 14.0%. 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