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Downtrend Broken Resist.Archive
- 9/22/2023 -
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Fastenal Co. (FAST) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Fastenal Co. (FAST). During the week, the FAST dropped -1.01 points, or -1.83%, and closed at 54.21 on Friday, September 22, 2023. Weekly volume was -26% below average.
 Long-term trend: [See FAST long-term trend chart]
A long-term uptrend had started on March 23, 2020 at 26.72 and reached 64.75 on December 30, 2021. FAST gained -38.03 points, or -142.33%, in 92 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 44.24 and resistance is at 84.50. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See FAST medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 43.73 and reached 59.43 on July 12, 2023. FAST gained -15.70 points, or -35.90%, in 38 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 51.96 and resistance is at 60.85. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See FAST weekly technical indicators chart]
Weekly Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
The weekly MACD line is below its signal line since August 18, 2023. The distance between MACD and the signal line is relatively high and getting bigger. Use the following link to access a MACD help.
 Short-term trend: [See FAST short-term trend chart]
A short-term downtrend had started on September 1, 2023 at 58.13 and reached 53.83 on September 21, 2023. FAST lost 4.30 points, or 7.40%, in 20 days. The price is now at the 8.84% retracement level.
 Daily Technical Indicators: [See FAST daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following links to access Lane's Stochastic and Relative Strength Index help.
The daily MACD line is below its signal line since September 1, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
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