FAST runs into sellers again around 50.83

Fastenal Co (FAST) Technical Analysis Report for Apr 16, 2018

Highlights

FAST closes above its opening price after recovering from early selling pressure
FAST runs into sellers again around 50.83
FAST stuck within tight trading range
FAST closes within previous day's range after lackluster session
FAST ends the day indecisive

TQ Sentiment

Report Sentiment: 30% Bullish
Technical Forecast:

Overview

FAST ended Monday at 50.67 gaining $0.59 (1.18%). Trading up to $0.29 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for FAST

Volatility

Monday's trading range was $0.63 (1.25%), that's far below last trading month's daily average range of $1.51. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 49.83 and 51.50 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, Fastenal Co managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 49.83. Prices are trading close to the key resistance level at 51.33. After having been unable to move above 50.89 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 50.83.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling might speed up should prices move below the close-by swing low at 49.83 where further sell stops could get triggered.

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

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