FASTENAL CO (NASDAQ:FAST) - A Strong Technical Setup for Breakout Traders
By Mill Chart
Last update: May 16, 2025
FASTENAL CO (NASDAQ:FAST) has been identified as a high-quality breakout candidate by our technical screening process. The stock currently holds strong technical ratings and presents a well-defined setup pattern, making it worth a closer look for traders focused on momentum and consolidation breakouts.
Technical Strength
FASTENAL CO earns a Technical Rating of 9 out of 10, reflecting its strong trend across multiple timeframes. Key factors contributing to this score include:
- Positive Trends: Both short-term and long-term trends are upward, reinforcing the stock’s bullish momentum.
- Relative Strength: The stock outperforms 88% of all market stocks and 85% of its industry peers in the Trading Companies & Distributors sector.
- Moving Averages: The stock trades above its 20-day, 50-day, 100-day, and 200-day moving averages, all of which are rising—a sign of sustained buying interest.
- 52-Week Performance: FAST is trading near the upper end of its 52-week range, aligning with the broader market’s strength.
Setup Quality
With a Setup Rating of 9, FASTENAL CO shows a well-formed consolidation pattern, suggesting a potential breakout opportunity:
- Consolidation Zone: The stock has been trading between $78.09 and $83.08 over the past month, forming a base.
- Resistance Breakout Point: A clear resistance zone exists between $83.56 and $84.35. A move above this level could signal a new upward leg.
- Support Levels: Multiple support zones are identified below, including a key area at $80.19 to $81.65, providing a logical stop-loss level.
- Pocket Pivot Signal: Recent price action has shown a bullish accumulation pattern, where upward moves were accompanied by higher volume—a positive sign for continuation.
Trade Considerations
The technical report suggests a possible entry above $84.36, with a stop-loss below $80.18, representing a risk of about 4.95% on the trade. Traders should monitor volume and price action around the resistance level for confirmation before entering.
For more details, review the full technical analysis report.
Our Technical Breakout Setups screener updates daily with new breakout candidates.
Disclaimer
This is not investment advice. Always conduct your own analysis and consider risk management before making trading decisions.
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