Bearish DailyPlay for Thursday Nov 3rd, 2016 – Fastenal (FAST)
The bearish DailyPlay we chose for Thursday Nov 3rd is Fastenal (FAST). FAST is part of the Industrials Sector (XLI). Over the last month, XLI has experienced a 2.47% move lower and it’s 1m and 6m trend turned bearish on 11/1 and is currently testing its $56.50 support level.
Fastenal’s 1m and 6m trends turned bearish on 10/11 and has recently bounced lower off its $39 resistance level. With a technical score of 1 (out of 10), FAST looks positioned to continue this strong bearish trend lower.
As a stop loss, if FAST was to trade above $39 for multiple days, this would invalidate our analysis and suggest getting out of the trade.