FAST finds buyers at key support level
Fastenal Co (FAST) Technical Analysis Report for Jun 14, 2018
Moving lower for the 2nd day in a row, FAST ended Thursday at 52.79 losing $0.23 (-0.43%). Today's closing price of 52.79 marks the lowest close since June 6th. Closing below Wednesday's low at 53.00, the market confirms its breakout through the previous session's low having traded $1.09 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (FAST as at Jun 14, 2018):
Thursday's trading range was $1.39 (2.61%), that's above last trading month's daily average range of $1.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
After trading as low as 51.91 during the day, the stock bounced off the key support level at 52.20. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 53.14.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. Fastenal Co broke below the 20-day moving average at 52.99 today for the first time since June 8th.
Buying might accelerate should prices move above the nearby swing high at 53.79 where further buy stops could get activated.