TSCO breaks below prior session low


Tractor Supply Company (TSCO) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
TSCO breaks below 20-day moving average
TSCO unable to break through key resistance level
TSCO closes lower for the 5th day in a row
TSCO breaks below previous session low
TSCO falls to lowest close since May 31st
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

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.

Daily chart for TSCO
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
Close to Swing High TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close near high of period TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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