Bearish DailyPlay for Wednesday August 10th, 2016 – Fastenal (FAST)
The bearish DailyPlay we chose for Wednesday August 10th is Fastenal (FAST). FAST is part of the Industrials Sector (XLI). Over the last month, XLI has experienced a 1.35% move higher and it’s 1m and 6m trend turned bullish on 7/6 but recently has failed to make higher highs after forming a double top around $59.
Fastenal’s 1m and 6m trends turned bearish on 7/12 and recently bounced lower off its $43 resistance level. With a technical score of 2 (out of 10), FAST looks positioned to continue this strong bearish trend higher.