In a welcome move, Fastenal stock saw its Relative Strength Rating improve from 70 to 74 on Tuesday.
When looking for the best stocks to buy and watch, be sure to pay attention to relative price strength.
IBD's unique RS Rating identifies market leadership by showing how a stock's price action over the last 52 weeks measures up against that of the other stocks in our database.
Decades of market research reveals that the market's biggest winners often have an RS Rating of over 80 as they begin their biggest climbs. See if Fastenal stock can continue to show renewed price strength and hit that benchmark.
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Is Fastenal Stock A Buy?
Fastenal stock is building a flat base with a 59.43 buy point. See if the stock can break out in heavy volume. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
The tool and machinery company reported 4% earnings growth last quarter, while sales growth came in at 6%. Look for the next report on or around Oct. 12.
Fastenal stock holds the No. 7 rank among its peers in the Machinery-Tools & Related industry group. Distribution Solutions and Enerpac Tool Group are also among the group's highest-rated stocks.
