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

By David Diaz

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 $54.30 and $54.86 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.

Over the past year, Tractor Supply has traded in a range of $49.87 to $95.39 and is now at $54.55, 9% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

Tractor Supply (NASDAQ:TSCO) has potential upside of 30.2% based on a current price of $54.55 and analysts' consensus price target of $71.03. The stock should run into initial resistance at its 200-day moving average (MA) of $87.98 and subsequent resistance at its 50-day MA of $89.99.

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.

SmarTrend is tracking the current trend status for Tractor Supply and will alert subscribers who have TSCO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle tractor supply

Ticker(s): TSCO