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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. Yesterday's price range of $87.87 and $89.88 is within the prior day'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 (NASDAQ:TSCO) defies analysts with a current price ($89.00) 16.2% above its average consensus price target of $74.55. Tractor Supply shares should encounter resistance at the 50-day moving average (MA) of $90.26 and support at its 200-day MA of $76.88.

Over the past year, Tractor Supply has traded in a range of $58.27 to $97.65 and closed yesterday at $89.00, 53% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

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 monitoring the recent change of momentum in Tractor Supply. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Tractor Supply in search of a potential trend change.

Keywords: bullish am inside day candle tractor supply

Ticker(s): TSCO