TSCO breaks below prior session low
Moving lower for the 5th day in a row, TSCO ended Thursday at 74.32 losing $0.90 (-1.2%). Today's closing price of 74.32 marks the lowest close since May 31st. Closing below Wednesday's low at 75.12, Tractor Supply confirms its breakout through the previous session's low having traded $1.66 below it intraday.
Thursday's trading range was $2.23 (2.96%), that's far above last trading month's daily average range of $1.33. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 75.47, the share closed below it after spiking as high as 75.69 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already. The market broke below the 20-day moving average at 74.74 today for the first time since April 19th.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
Market Conditions for Tractor Supply Company
|Close to R1 Resistance||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
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