Fastenal Heading For New Highs
Gary S. Morrow | Jul 07, 2021 05:22PM ET
Fastenal Company (NASDAQ:FAST) is in full breakout mode today. Shares were up 2.5% at mid-day, placing it near the top spot on the SPX gainers list. This powerful move is driving FAST through a key overhead trendline that links the May/June highs. We expect more upside in the near term.
FAST has been trading in a fairly narrow range since last September. During this consolidation the stock was able to work off weekly and daily overbought MACD levels. The company’s last earnings report, released April 13 before the open , marked an important low.
We consider FAST a fairly low-risk buy near current levels. On the downside, a close back below $51.00 would violate this week’s low, sending a clear warning sign that more sideways action is ahead.
Q1 earnings are due July 13 before the open.
FAST sports a fairly high short interest ratio (5.0).
Note: We have no position.
You can read Gary S. Morrow's original post here .
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.