FAST pops to highest close ever
Fastenal Company (FAST) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FAST ended the month 9.8% higher at 47.04 after gaining $0.13 (0.28%) today, strongly underperforming the Nasdaq 100 (1.78%). Today's close at 47.04 marks the highest recorded closing price ever. 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 Jul 31, 2020):
Friday's trading range has been $0.92 (1.95%), that's slightly below the last trading month's daily average range of $1.04. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FAST.
Five candlestick patterns are matching today's price action, the Dragonfly Doji which is known as bullish pattern, three bearish patterns, the Bearish Doji Star, the Hanging Man and the Northern Doji and one neutral pattern, the Doji. The last time a Hanging Man showed up on April 8th, FAST actually gained 3.48% on the following trading day.
After trading down to 46.15 earlier during the day, Fastenal bounced off the key technical support level at 46.54 (S1). The failure to close below the support could increase that levels significance as support going forward. After having been unable to move above 47.02 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 47.07.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Dragonfly Doji" stand out. Its common bullish interpretation has been confirmed for Fastenal. Out of 4 times, FAST closed higher 75.00% 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 three trading days, showing a win rate of 75.00% with an average market move of 1.10%.