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Nearest Resistance: $54

Nearest Support: $48

Catalyst: Earnings

>>5 Industrial Stocks Funds Love for 2012

Industrial supplier Fastenal ( FAST) is another earnings-driven name today. This morning, the firm announced EPS of 34 cents per share, up 26% from last year's earnings number. Those results were essentially in line with what analysts were expecting, and shares aren't much changed this afternoon as a result.

Fastenal's chart isn't looking particularly strong right now. Shares hit resistance at $54 back at the start of April, and they've been moving swiftly lower ever since.

Traders should sit on the sidelines of this stock until it finds a more consequential support level.

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