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

By James Quinn

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 $61.64 and $63.01 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 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.

Over the past year, Tractor Supply has traded in a range of $49.87 to $95.39 and is now at $61.69, 24% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has remained constant.

Potential upside of 25.5% exists for Tractor Supply, based on a current level of $61.69 and analysts' average consensus price target of $77.43. The stock should find initial resistance at its 200-day moving average (MA) of $87.98 and further resistance at its 50-day MA of $89.99.

SmarTrend recommended that its subscribers protect gains by selling shares of Tractor Supply on January 31st, 2018 by issuing a Downtrend alert when the shares were trading at $77.24. Since that call, shares of Tractor Supply have fallen 18.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle tractor supply

Ticker(s): TSCO