TSCO pushes through key resistance level
Tractor Supply Company (TSCO) Technical Analysis Report for Jul 13, 2018
TSCO finished the week 1.98% higher at 78.24 after gaining $0.96 (1.24%) today. Today's closing price of 78.24 marks the highest close since January 29th. Closing above Thursday's high at 77.88, the market confirms its breakout through the previous session's high having traded $0.88 above it intraday.
Friday's trading range was $1.54 (1.99%), that's above last trading month's daily average range of $1.27. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 78.00 today, it is now likely to act as support going forward. After having been unable to move lower than 77.10 in the prior session, the stock found buyers again around the same price level today at 77.22.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test June's close-by high at 79.04.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.