• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing

Fastenal Beats on Earnings But The Charts Remain Weak

Let's check the charts and indicators.
By BRUCE KAMICH
Oct 13, 2022 | 09:34 AM EDT
Stocks quotes in this article: FAST

Fastenal (FAST) sells fasteners, and related industrial and construction supplies, and Thursday they reported an EPS and revenue beat. The charts were weak back on July 13 and they look weak now. Let's check.

 
In this updated daily bar chart of FAST, below, we can see a temporary rally in August but prices are back down around the lows. FAST trades below the declining 50-day moving average line and below the declining 200-day line.
 
The On-Balance-Volume (OBV) line shows a decline from the middle of August as traders resumed their stance of being aggressive sellers.
 
The 12-day price momentum study shows improvement from early September but a bullish divergence with the price action is not a precise timing tool.
 
 
In this weekly Japanese candlestick chart of FAST, below, we can see that prices have been in a downward trend since late 2021. The slope of the 40-week moving average line is negative. The weekly OBV line is in a similar decline as traders have been more aggressive sellers than buyers. The MACD oscillator is bearish.
 
 
In this daily Point and Figure chart of FAST, below, we can see a nearby price target in the $44-$43 area - a slight new low.
 
 
In this weekly Point and Figure chart of FAST, below, we used a five box reversal filter. Here the software shows us a $39-$38 price target.
 
 
Bottom line strategy: Despite an earnings beat, FAST is pointed lower. Traders should avoid the long side of FAST for now.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Earnings | Investing | Stocks | Technical Analysis | Trading | Materials | Industrial Goods | Industrials

More from Investing

The Mask Gets Yanked Off of Goldilocks Narrative

James "Rev Shark" DePorre
Sep 21, 2023 4:29 PM EDT

The bulls' story always sounded like a stretch, and now they will have to develop a new narrative to help drive a recovery.

Holders of Discover Financial Are Discovering the Stock Is Heading Lower

Bruce Kamich
Sep 21, 2023 1:02 PM EDT

Let me show you what I am seeing and the key price levels to watch.

After Splunk Grab, Cisco's a Slam Dunk

Stephen Guilfoyle
Sep 21, 2023 11:54 AM EDT

I didn't like the idea of a cash deal at the start, but after going through the fundamentals, I think it's a wise move -- and here's why I'm adding the stock.

The Day After the Fed Meeting, I'm Gambling on This Stock

James "Rev Shark" DePorre
Sep 21, 2023 11:27 AM EDT

Here's why I like this gaming-related play, and why stocks could eventually offer some good entry points -- but not yet.

Darden Posts an Earnings Beat, But You May Want to Get Up From the Table

Bruce Kamich
Sep 21, 2023 10:46 AM EDT

Markets are a discounting mechanism.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 10:24 AM EDT BRUCE KAMICH

    This Could Get Messy

    A number of key stocks are getting close to import...
  • 01:41 PM EDT CHRIS VERSACE

    Latest AAP Podcast With Helene Meisler!

    Listen in as the Action Alerts PLUS podcast talks ...
  • 09:07 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    The Most Common and Costly Mistake in Investing
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2023 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login