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

By Amy Schwartz

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. Yesterday's price range of $35.32 and $36.24 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. 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.

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.

Over the past year, Fastenal Co has traded in a range of $28.38 to $143.76 and closed yesterday at $35.42, 25% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has advanced 0.8%.

Fastenal Co (NASDAQ:FAST) has potential upside of 56.8% based on a current price of $35.42 and analysts' consensus price target of $55.54. Fastenal Co shares should encounter resistance at the 200-day moving average (MA) of $78.11 and support at the 50-day MA of $31.24.

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 am inside day candle fastenal co

Ticker(s): FAST