Fastenal Stock Strengthens with RS Rating Upgrade to 82

In a positive turn of events, Fastenal (FAST) stock witnessed an upgrade in its Relative Strength (RS) Rating on Wednesday, climbing from 78 to a commendable 82. When scouting for potential stocks to add to your portfolio, keeping a close eye on relative price strength is a crucial factor.

The RS Rating, ranging from 1 (worst) to 99 (best), provides valuable insights into a stock’s technical performance over the past 52 weeks, showcasing how it compares to other stocks in the market. Drawing from over a century of market history, it’s evident that stocks with RS Ratings exceeding 80 in the early stages of their upward trajectory often go on to achieve significant gains.

Is Fastenal Stock a Viable Investment?

Having cleared a buy point of 59.43 in a first-stage flat base, Fastenal stock is currently deemed extended and beyond the buy range. Investors keen on this industrial and construction tool company should monitor whether the stock forms a new pattern or presents follow-on buying opportunities, such as a three-weeks tight or a pullback to the 50-day or 10-week line.

The latest quarterly report from the company revealed a 4% growth in earnings per share (EPS) and a 2% increase in sales growth. Fastenal is anticipated to announce its latest performance figures on or around January 18.

Fastenal secures the No. 6 position among its peers in the Machinery-Tools & Related industry group. Notably, Lincoln Electric (LECO) and WW Grainger (GWW) are also among the top-rated stocks within the same industry group, highlighting the competitive landscape.

This positive development in Fastenal’s RS Rating positions it favorably for potential investors seeking stocks with robust technical performance in the market.