One important metric to look for in a stock is an 80 or higher Relative Strength Rating. Fastenal stock cleared that benchmark Monday, with a jump from 61 to 81 Monday.
IBD's proprietary RS Rating tracks market leadership by showing how a stock's price action over the last 52 weeks measures up against that of other stocks on the major indexes.
History reveals that the best stocks tend to have an 80 or higher RS Rating as they launch their biggest runs.
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Is Fastenal Stock A Buy?
Fastenal stock rose almost 10% on Friday and is now considered extended and out of buy range after clearing a 72.49 buy point in a second-stage cup with handle. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
Earnings grew 0% last quarter, up from -2% in the prior report. Revenue also increased, from 2% to 3%.
Fastenal stock earns the No. 5 rank among its peers in the Machinery-Tools & Related industry group. Enerpac Tool Group is the top-ranked stock within the group.
