FASTENALNASDAQ:FAST
Hello, traders.
It's time to show you the shares of FASTENAL Co., a member of the S&P500 index. And that's why.
What's on the chart:
1. Since March, the paper has grown by more than 70%.
2. On the chart clearly visible correction waves, but the paper was not allowed into the short zones, so as not to launch a wave of sales.
If you look carefully at the chart, you will see that the first wave of correction 7%, the second wave of 6%, after analyzing all the waves, you will see that the paper has always been bought back.
That is, we have a strong long player in front of us.
3. August 7 growth was stopped at 48.51. This level was confirmed several times.
4. August 18 was made a false breakout (high of the bar: 48.55), but the paper was not allowed go down.
5. At the level of 48.55 is a large limit order. I will consider this when start to trade.
6. On August 21, there was a breakout of the level 48.51.
7. Volumes for further hiking were gathered within 11 days. It is quite normal to go long.
In my trading strategy I will wait for the fixing bar above the level.
I also remember that at 48.55 is a lim. order placed.
It will be great if this order is disassembled and the fixing bar can close higher.
I will enter the long if the close price of the fixing bar will be above the level.
I will place a SL order under the breakout bar.
