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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tractor Supply (NASDAQ:TSCO) based on the price action in the company's shares. Today's price range of $65.64 and $66.34 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. Traders and investors interested in shares of Tractor Supply may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 share prices have moved between a 52-week high of $97.25 and a 52-week low of $65.39 and are now trading 1% above that low price at $66.12 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

There is potential upside of 57.3% for shares of Tractor Supply based on a current price of $66.12 and an average consensus analyst price target of $104.02. 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Tractor Supply on June 17th, 2016 by issuing a Downtrend alert when the shares were trading at $91.29. Since that call, shares of Tractor Supply have fallen 28.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle tractor supply

Ticker(s): TSCO