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

By Nick Russo

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 $91.42 and $92.47 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.

Over the past year, Tractor Supply has traded in a range of $75.00 to $97.25 and is now at $91.99, 23% above that low. The 200-day and 50-day moving averages have moved 0.02% higher and 0.83% higher over the past week, respectively.

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) has potential upside of 13.1% based on a current price of $91.99 and analysts' consensus price target of $104.02. The stock should find initial support at its 50-day moving average (MA) of $89.99 and further support at its 200-day MA of $87.98.

SmarTrend recommended that subscribers consider buying shares of Tractor Supply on January 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $86.99. Since that recommendation, shares of Tractor Supply have risen 4.9%. We continue to monitor TSCO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle tractor supply

Ticker(s): TSCO