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

By David Diaz

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 $36.01 and $36.30 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.

Fastenal Co (NASDAQ:FAST) has potential upside of 54.6% based on a current price of $35.93 and analysts' consensus price target of $55.54. The stock should run into initial resistance at its 50-day moving average (MA) of $36.31 and subsequent resistance at its 200-day MA of $49.42.

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.

In the past 52 weeks, Fastenal Co share prices have been bracketed by a low of $28.38 and a high of $143.76 and closed yesterday at $35.93, 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 1.9%.

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: bullish am inside day candle fastenal co

Ticker(s): FAST