FAST dominated by bears dragging the market lower throughout the day

Fastenal Co (FAST) Technical Analysis Report for Sep 14, 2018

Highlights

FAST crashes, loses $1.24 (-2.1%) within a single day
FAST breaks key support level
FAST dominated by bears dragging the market lower throughout the day
FAST ends the day on a bearish note closing near the low of the day
FAST runs into sellers again around 59.38

TQ Sentiment

Report Sentiment: 77% Bearish
Technical Forecast:

Overview

FAST ended the week 0.98% higher at 57.76 after tanking $1.24 (-2.1%) today on high volume. This is the biggest single day loss in over a week. Today's closing price of 57.76 marks the lowest close since September 7th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 58.75, the share confirms its breakout through the previous session's low having traded $1.32 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for FAST

Volatility

Friday's trading range was $1.95 (3.3%), that's far above last trading month's daily average range of $1.10. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Breaking below the key support level at 58.47 today, it is now likely to act as resistance going forward. After having been unable to move above 59.20 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 59.38.

Trend

While the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling could speed up should prices move below the close-by swing low at 56.77 where further sell stops might get activated.

Conclusion

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

Market Conditions for Fastenal Co

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