Fastenal stock saw a positive improvement to its Relative Strength (RS) Rating on Wednesday, with an increase from 78 to 82.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This proprietary rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks matches up against that of all other stocks.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains tend to have an RS Rating of over 80 in the early stages of their moves.
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Is Fastenal Stock A Buy?
Fastenal stock is now considered extended and out of buy range after clearing a 59.43 buy point in a first-stage flat base. 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.
The industrial and construction tool company showed 4% EPS growth in the latest quarterly report, while sales growth came in at 2%. The company is expected to report its latest performance numbers on or around Jan. 18.
Fastenal stock earns the No. 6 rank among its peers in the Machinery-Tools & Related industry group. Lincoln Electric and WW Grainger are also among the group's highest-rated stocks.
