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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 $53.18 and $54.03 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 $52.85 to $97.25 and is now at $54.03, 2% 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 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.

Potential upside of 52.5% exists for Tractor Supply, based on a current level of $54.03 and analysts' average consensus price target of $82.40. Tractor Supply shares should first meet resistance at the 200-day moving average (MA) of $87.98 and find additional resistance at the 50-day MA of $89.99.

SmarTrend recommended that its subscribers protect gains by selling shares of Tractor Supply on March 21st, 2017 by issuing a Downtrend alert when the shares were trading at $69.63. Since that call, shares of Tractor Supply have fallen 23.7%. 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