FAST finds buyers at key support level


Fastenal Co (FAST) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
FAST breaks below 20-day moving average
FAST finds buyers at key support level
FAST closes lower for the 2nd day in a row
FAST breaks below previous session low
FAST falls to lowest close since June 6th
TQ Sentiment
Technical Forecast:
Overview

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 chart for FAST
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 53.79 where further buy stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Fastenal Co
ConditionForecastDirectionWinAvgWorstBest
Close to R1 Resistance TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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