Fastenal Company stock trading session of the 05/01/2016 ends at 39.75 (-1.09%). New bearish technical picture has been drawn on daily chart.
Fastenal Company stock trading session of the 05/01/2016 ends at 39.75 (-1.09%). Marked a series of 4 consecutive higher lows. Yesterday trading session was characterized by a gap up at the open and a selling pressure at close. So a new bearish technical picture has been drawn on daily chart (open > high1, close < close1) which, however, needs to be confirmed. For intraday trading session the technical view is negative and leaves assume the down-trend continuation. However, we can’t exclude rebounds towards the most significant resistance levels. The major oscillators confirm the downward trend. Marked a fourth consecutive negative trading session. We suggest to monitore today closing. An outside bar pattern drawn on daily chart. Watch volumes before entries on long o short positions.
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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 40.44). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.
Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 05/01/2016.
Performance: 7 trading days= -4.24% – 15 trading days= -0.38% – 30 trading days= +0.10%
Resistance levels: R1= 40.47 – R2= 41.18 – R3= 42.52
Pivot Point: 39.84
Support levels: S1= 39.13 – S2= 38.50 – S3= 37.16
DAILY TRADING SIGNALS
Buying opportunity above 39.95, targets minor resistance at 40.43 and perhaps as far as strong resistance at 40.77, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 41.65.
Selling opportunity below 39.64, targets minor support at 39.17 and perhaps as far as strong support at 38.83, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 37.96.