Fastenal is ready to move out

• Posted by Greg Harmon
• on December 29th, 2015

Fastenal ($FAST) resells industrial, safety, and construction supplies and offers services including inventory management, manufacturing, and tool repair. An industrial supply company and distributor. Your contractor’s version of Costco perhaps.

The stock looked good for a move higher back at the end of November as it was breaking up through the neckline of an inverse head and shoulders pattern. But it has not done much since then. The bullish price objective to 43.75 or more remains in place.

But the recent price action may be giving another signal for a trade entry. Since that break out in November it has exhibited a ‘W’ pattern. A move above the ‘W’ would be a long trade signal. That target of 43.75 would be your first point to watch and then high last December at 48.25. but failure seems to bring a move to the bottom of the channel at 38.60. Two ways to look for a move out of the zone.

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Still time left. Contact me at greg@dragonflycap.com and use the code SANTA in the message to get either an annual subscription for $556 (10% off) or an annual subscription plus my book signed for $600.

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