FAST runs into sellers again around 50.83
Fastenal Co (FAST) Technical Analysis Report for Apr 16, 2018
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.
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.
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.
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.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might speed up should prices move below the close-by swing low at 49.83 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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