Fastenal Bullish Engulfing Formed
Published on Wednesday, 23 January 2013 04:51 Written by TradersHuddle Wire
New York, January 23rd (TradersHuddle.com) - Shares of Fastenal Company (NASDAQ:FAST) ended the trading session lower by $0.82 or -1.69% from its previous close. Fastenal's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
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's recent stock range was formed by a trough where calculated support was defined at $45.71 and by a peak that established the resistance level at $48.77. This range could be used by traders managing their positions.
Traders wanting to establish a position in Fastenal or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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