The fastener manufacturer today announced financial statements for the first quarter of 2023. Fortunately, the American company exceeded analysts‘ expectations. EPS (earnings per share) was $0.52 per share, beating the consensus of $0.49. With sales of $1.9 billion, this is a good start to the spring.
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The chart shows a clear break of the downtrend since the last high. Currently, the share price is in a consolidation phase between approximately $50 and $55. Investors will wonder to what extent the Fed’s interest rate policy may affect Fastenal’s industry and, therefore, its sales. However, from a chart perspective, the 200 average (purple) represents a solid support. For traders, it will be interesting to invest if the upper resistance at around $55 or the lower support at around $50 are broken and tested. In principle, however, the chart looks positive after a decline of more than 15%.
