On Thursday, Fastenal got a positive adjustment to its Relative Strength (RS) Rating, from 80 to 83.
IBD's unique rating measures market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price behavior over the last 52 weeks compares to all the other stocks in our database.
Decades of market research reveals that the best stocks tend to have an RS Rating of at least 80 as they launch their biggest runs.
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Fastenal 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.
Fastenal saw both earnings and sales growth rise last quarter. Earnings-per-share increased from -2% to 0%. Revenue rose from 2% to 3%.
The company earns the No. 4 rank among its peers in the Machinery-Tools & Related industry group. Enerpac Tool Group is the No. 1-ranked stock within the group.
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