Both Sides of Fastenal
Fastenal (FAST) is a distributor of threaded fasteners and other hardware products and construction supplies. The stock has been in a strong uptrend since 2009, with only one weekly close below its 200-day moving average before making a high in April of this year. Since then, it has fallen back below the long-term average and consolidated in a two-tiered channel. An 8% move in either direction could be decided as the stock price tests the midrange support level of the channel.
The daily chart shows the pullback after the April high and the sideways movement which followed, defined by resistance in the $45.40 area and support in the $38.00 area, with the centerline of the channel in the $41.70 area....301 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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