Building supply company Fastenal (FAST) traded 4% lower in the Tuesday morning session.
Fastenal reported earnings per share of $0.61 and total revenue of $1.19 billion, compared to analyst expectations of $0.61 and $1.18 billion.
However, an “in line” earnings report isn’t always good enough, with investors perhaps taking into consideration that home affordability is now worsening.
Fastenal (FAST) Stock Cycle Outlook: Lower Yet
Upon reviewing the weekly chart (below), FAST is trading within the declining phase of its current market cycle, as depicted using the semicircles on the bottom of the chart.
This cycle appears to be creating a big top. My projection at the end of the cycle in June is $50.
$FAST Stock Chart with Weekly Bars
For an introduction to cycle analysis, check out our Stock Market Cycles video, or watch the askSlim Market Week show every Friday on our YouTube channel.
Twitter: @askslim
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
