Fastenal @ Year Highs

Published on Tuesday, 17 January 2012 13:34 Written by Christian Paolinetti

New York, January 17th (TradersHuddle.com) - Shares of Fastenal Company (NASDAQ:FAST) booked a new 52 week high today by trading above $46.66, traders are definitely monitoring Fastenal's price action to see if this move attracts further buying into the stock.

Fastenal Company (NASDAQ:FAST) operates as a wholesaler and retailer of industrial and construction supplies. The company primarily serves manufacturing markets, which include both original equipment manufacturers and maintenance and repair operations; and the construction market that includes general, electrical, plumbing, sheet metal, and road contractors.

Fastenal is currently trading 0.26% versus its previous trading session close, and it has calculated support and resistance at $39.96 and $45.81 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 0.75% from its previous trading close, which means that Fastenal stock is underperforming the overall market.