Leading industrial and construction supplies company Fastenal (NASDAQ:FAST) took a beating Wednesday, declining by 6.50 percent. The stock's selloff hit just after the company reported earnings that clearly disappointed the street. The stock is now piercing its 50-day moving average as Wednesday's declines erase all of the gains made in December.
Support To Watch
Day traders should now watch for major intra-day chart support around the $50 level, an important area that will be a solid retrace level and a nice round number for a good risk/reward trade when tested.