Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>FAST stock price has taken support on 50-day EMA in the last session.</a> </li> 
 <li> <span>2</span> <a>FAST stock is bullish as it retests the $55 neckline.</a> </li> 
</ul> 
<p>Fastenal Company (FAST stock) price showed a rising wedge pattern and continues to surge. Recently, the stock surpassed the major neckline and registered a breakout above $56. However, sellers arrived sharply, and prices could not move further, leading to a retracement in the last session.</p> 
<p>Although the trend is intact, buyers have continued to pull back near the channel lower trendline and showed a bullish engulfing candlestick near the 50-day EMA, indicating a reversal in the upcoming sessions.</p> 
<p>Another reason for retracement is the adverse reaction of Q2 earnings results below the estimates. The price is near the overbought territory, leading to a slight profit booking in the past sessions. However, the buyers have absorbed the selling pressure and are ready to retain the highs. Undoubtedly, the stock was in a major uptrend and continued the up move from the start of 2023 and surged over 25%, indicating bullish dominance on the charts.</p> 
<p>At press time, FAST stock price is trading at $57.44 with an intraday gain of 1.16%, showing a bullish engulfing candlestick in yesterday’s session. Moreover, the trading volume remained at 2.215 Million. The market cap is $32.817 Billion. However, analysts maintained a neutral rating with a yearly target price of $56.75.</p> 
<p>Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, Fastenal has dramatically expanded its footprint, products, and services. Today, Fastenal serves its 400,000 active customers through approximately 1,760 branches, over 1,400 on-site locations, and 14 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at 30%-35% of sales. Fastenal also offers customers supply-chain solutions, such as vending and vendor-managed inventory.</p> 
<h2 class="wp-block-heading" id="strong-strong-fast-stock-price-is-forming-the-rising-wedge-pattern-strong-strong"><strong><strong>FAST Stock Price is Forming the Rising Wedge Pattern</strong></strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/xJFLcMWr4o4-3rhffaG6zluiJQsFi9yGMF1QKqOW6BVy9DrwDwwERyH--2DKGx7d-HoJMkGO8jvJnEbwfeKZ-Np44VdnbIz4R6LPxuBESdG3QQrAKLmO1HQuw9GjoBsNEMwtTOtIxu6sOqFmwWppurY" alt="Will Fastenal Company (NASDAQ: FAST) Rebound From 50-Day EMA?"> 
  <figcaption class="wp-element-caption">
    Source: FAST Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily charts, FAST stock price was in an uptrend, trading above neutrality. Moreover, the technicals favor a rise toward the trajectory of $60 in the following sessions. Furthermore, the price is near the crucial support of the 50-day EMA, a place for a rebound, and investors have made a long buildup and initiated recovery.</p> 
<p>As per the Fib levels, FAST stock could not smash the 61.8% level and is retracing toward the 50% neutrality zone. However, it is an ideal zone for buying, and investors have begun accumulating the stock and are ready to glimpse bullishness with a target price of $60 in the following sessions.</p> 
<h3 class="wp-block-heading" id="strong-what-technical-indicators-suggest-on-short-term-charts-strong"><strong>What Technical Indicators Suggest On Short Term Charts?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/MTAygAeW_CYmE_KyGedkU1tZcJnou3U0JaDQX_O-mCBKGFFtl0PxWmHXPQkGsGiyl2nbxNcfOp0JdgAvhnJovAKI_7DznrCslPMJTzCdmGLP_iMHhlieLUbzHagCLB8w-t90iYJE_mLBa-wqJWtNBgA" alt="Will Fastenal Company (NASDAQ: FAST) Rebound From 50-Day EMA?"> 
  <figcaption class="wp-element-caption">
    Source: FAST Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the 4-hour charts, FAST <a href="https://www.thecoinrepublic.com/2023/05/10/worldwide-cbdc-firm-enrollments-unfastened-central-bank-brazil/" target="_blank" rel="noopener noreferrer nofollow">stock </a>price has respected the lower trendline and supported the 50-day EMA showing buyers’ interest in the last session.&nbsp;</p> 
<p>Moreover, the sentiments favored the bulls and indicated a rise toward $60.</p> 
<p>The RSI curve has revamped from the oversold region and is near neutrality, forming a positive crossover in the last session.</p> 
<p>The MACD indicator has ended the bearishness with a fresh supply of green bars. The bullish crossover indicates a reversal near the lower trendline on the charts.</p> 
<h4 class="wp-block-heading"><strong>Conclusion:</strong></h4> 
<p>Fastenal Company (FAST stock) price has revamped from the channel’s lower trendline and is ready to skyrocket in the following sessions. Moreover, the buyers have attained their strength and are ready to catch the sky near $60, followed by $65. FAST stock trades in the bull territory, and buyers are active in the counter and persist in accumulation.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels:</strong></h4> 
<p>Support Levels: $52 and $50</p> 
<p>Resistance Levels: $60 and $65</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Will Fastenal Company (NASDAQ: FAST) Rebound From 50-Day EMA?

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