• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Tractor Supply (NASDAQ:TSCO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tractor Supply (NASDAQ:TSCO) based on the price action in the company's shares. Today's price range of $74.90 and $75.46 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Tractor Supply may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tractor Supply share prices have moved between a 52-week high of $82.68 and a 52-week low of $49.87 and are now trading 51% above that low price at $75.15 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.2%.

Tractor Supply Company operates a retail farm store chain in the United States. The Company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products. Customers include hobby, part-time, and full-time farmers and ranchers, as well as rural customers, contractors, and tradesman.

Tractor Supply (NASDAQ:TSCO) is currently priced 0.8% above its average consensus analyst price target of $74.55. The stock should discover initial support at its 50-day moving average (MA) of $69.05 and subsequent support at its 200-day MA of $66.70.

SmarTrend recommended that subscribers consider buying shares of Tractor Supply on April 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.10. Since that recommendation, shares of Tractor Supply have risen 16.1%. We continue to monitor TSCO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle tractor supply

Ticker(s): TSCO