News Image

Indications Suggest NASDAQ:FAST Could Be on the Verge of a Breakout.

By Mill Chart

Last update: Nov 1, 2023

Our stockscreener has identified a possible breakout setup on FASTENAL CO (NASDAQ:FAST). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:FAST for potential opportunities.

FAST Daily chart on 2023-11-01

Analyzing the Technical Aspects

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 9 out of 10 to FAST. Both in the recent history as in the last year, FAST has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • The long and short term trends are both positive. This is looking good!
  • When comparing the yearly performance of all stocks, we notice that FAST is one of the better performing stocks in the market, outperforming 89% 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 market is still in the middle of its 52 week range, so FAST slightly outperforms the market at the moment.
  • In the last month FAST has a been trading in the 53.97 - 60.93 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
  • FAST is an average performer in the Trading Companies & Distributors industry, it outperforms 67% of 53 stocks in the same industry.

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

Why is NASDAQ:FAST a setup?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NASDAQ:FAST currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

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 59.67. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 57.84, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:FAST?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

Back

FASTENAL CO

NASDAQ:FAST (2/23/2024, 7:00:01 PM)

After market: 72.18 0 (0%)

72.18

+0.12 (+0.17%)

FAST News

News Image2 days ago - Market News VideoFastenal Takes Over #211 Spot From Kimberly-Clark
News Image16 days ago - ChartmillShould you consider NASDAQ:FAST for quality investing?

Is NASDAQ:FAST a Suitable Choice for Quality Investing?

News Image19 days ago - Market News VideoInteresting FAST Put And Call Options For June 2025
News Image24 days ago - The Motley Fool2 Dividend Stocks You Can Safely Hold for Decades

These stocks boast yields between 2.27% and 5.60%.

News Imagea month ago - InvestorPlace3 Promising Stocks With Newly Announced Dividend Hikes

Dividend investing is a successful investing strategy but promising stocks with recent dividend increases are even better over time.

News Imagea month ago - Investor's Business DailyStock Market Rally Mixed As Yields Rise; Taiwan Semiconductor, Tesla In Focus: Weekly Review

The major indexes were mixed this week. Taiwan Semi fueled chip gains.

News Imagea month ago - Seeking AlphaStock Market News Today: Markets notch second best day of the new year (SP500)

Markets on Thursday ended solidly higher, as an advance in semiconductor stocks and Apple helped offset a slide in managed care players

News Imagea month ago - Seeking AlphaStock Market News Today: Markets push higher on boost from chip stocks, Apple (SP500)

Wall Street's major averages on Thursday surged, as an advance in semiconductor stocks and Apple helped offset a slide in managed care players

News Imagea month ago - The Motley FoolWhy Fastenal Stock Is Zooming Higher Today

The company produced strong results in a difficult operating environment

News Imagea month ago - Seeking AlphaFastenal jumps to all-time highs with Q4 growth sparked by new Onsite locations

Fastenal stock surges to all-time high after beating earnings and revenue estimates, driven by growth at Onsite locations and price hikes.

News Imagea month ago - Seeking AlphaStock Market News Today: Markets largely up as chip stocks counter health insurers (SP500)

Markets on Thursday were largely higher, boosted by semiconductor stocks though a slide in managed care players capped some gains

News Imagea month ago - Market News VideoNasdaq 100 Movers: MRNA, FAST
FAST Links
Follow us for more