Building supply company Fastenal (FAST) traded 4% lower in the Tuesday morning session. FAST reported earnings per share of $0.61 and total revenue of $1.19 billion, compared to analyst expectations of $0.61 and $1.18 billion. However, an “in line” earnings report isn’t always good enough, with investors perhaps taking into consideration that home affordability is now worsening.
Upon reviewing the weekly chart below, FAST is trading within the declining phase of its current market cycle, as depicted using the semicircles on the bottom of the chart. This cycle appears to be creating a big top. Our projection at the end of the cycle in June is $50.
Fastenal Company (FAST) Stock Chart with Weekly Bars
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