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Fastenal (FAST) Crossed Above the 50-Day Moving Average: What That Means for Investors
After reaching an important support level, Fastenal (FAST - Free Report) could be a good stock pick from a technical perspective. FAST surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
FAST has rallied 9.9% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests FAST could be on the verge of another move higher.
Once investors consider FAST's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, and the consensus estimate has increased as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on FAST for more gains in the near future.