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

By James Quinn

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 $38.47 and $38.90 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.

In the past 52 weeks, Fastenal Co share prices have been bracketed by a low of $26.72 and a high of $136.36 and are now at $38.86, 45% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.5%.

Fastenal Co (NASDAQ:FAST) has potential upside of 42.9% based on a current price of $38.86 and analysts' consensus price target of $55.54. The stock should find initial support at its 200-day moving average (MA) of $34.31 and further support at its 50-day MA of $33.70.

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 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