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Fastenal (FAST) Approaches New Upside Target of $48.70

Published on Thu, 01/03/2013 - 10:38
By Mallory Stone

Shares of Fastenal (NASDAQ:FAST) have bullishly opened above the pivot of $47.76 today and have reached the first resistance level of $48.27. Should the shares continue to rise, the resistance pivots of $48.70 and $49.64 will be of interest.

Fastenal (NASDAQ:FAST) has potential upside of 1.1% based on a current price of $48.32 and analysts' consensus price target of $48.86. The stock should find initial support at its 200-day moving average (MA) of $44.11 and further support at its 50-day MA of $43.15.

Fastenal share prices have moved between a 52-week high of $55.05 and a 52-week low of $37.61 and are now trading 28% above that low price at $48.32 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.2%.

Fastenal Company sell industrial and construction supplies in a wholesale and retail fashion. The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and The Netherlands.

By Mallory Stone
mstone@fnno.com

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