FAST closes within prior day's range after lackluster session
Fastenal Company (FAST) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
FAST finished the week 2.6% higher at 38.32 after edging higher $0.08 (0.21%) today, slightly underperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.22 lower after the open, Fastenal managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FAST as at Feb 14, 2020):
Friday's trading range has been $0.55 (1.44%), that's below the last trading month's daily average range of $0.86. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FAST. Prices continued to consolidate within a tight trading range between 37.90 and 38.56 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 37.79 (S1). The stock found buyers again today around 38.01 for the third trading day in a row after having found demand at 37.99 in the prior session and at 37.90 two days ago. The last time this happened on January 10th, FAST gained 0.72% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Fastenal. Out of 220 times, FAST closed higher 54.09% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.27% with an average market move of 0.87%.