Will FASTENAL CO breakout?

FASTENAL CO (NASDAQ:FAST) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:FAST.

Technical analysis of NASDAQ:FAST

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 7 out of 10 to FAST. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the yearly performance of all stocks, we notice that FAST is one of the better performing stocks in the market, outperforming 78% of all stocks. We also observe that the gains produced by FAST over the past year are nicely spread over this period.
• FAST is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so FAST is performing more or less in line with the market.
• In the last month FAST has a been trading in a tight range between 55.96 and 58.83.

Our latest full technical report of FAST contains the most current technical analsysis.

How do we evaluate the setup for NASDAQ:FAST?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NASDAQ:FAST is 9:

Besides having an excellent technical rating, FAST also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 58.49. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 57.27, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:FAST

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.