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

By Amy Schwartz

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 $90.51 and $90.97 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.

Over the past year, Tractor Supply has traded in a range of $82.03 to $114.25 and closed yesterday at $89.68, 9% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

Tractor Supply Company operates a retail farm store chain in the United States. The Company provides farm maintenance, animal, general maintenance, lawn and garden, light truck equipment, work clothing, and other products. Tractor Supply serves hobby, part-time, and full-time farmers and ranchers, as well as rural customers, contractors, and tradesman.

Based on a current price of $89.68, Tractor Supply is currently 16.9% above its average consensus analyst price target of $74.55. The stock should run into initial resistance at its 50-day moving average (MA) of $95.20 and subsequent resistance at its 200-day MA of $100.25.

SmarTrend is tracking the current trend status for Tractor Supply and will alert subscribers who have TSCO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle tractor supply

Ticker(s): TSCO