TSCO surges 8.51% on low volume

Tractor Supply Company (TSCO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


TSCO rallies 8.51% on low volume
TSCO breaks above 20-day moving average for the first time since March 4th
TSCO dominated by bulls lifting the market higher throughout the day
TSCO pushes through Wednesday's high
TSCO still stuck within tight trading range


TSCO finished Thursday at 83.48 surging $6.55 (8.51%) on low volume, strongly outperforming the S&P 500 (6.24%). This is the biggest single-day gain in over five years. The last time we've seen such an unusually strong single-day gain on March 10th, TSCO actually lost -4.20% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 82.73, the stock confirmed its breakout through the previous session high after trading up to $1.15 above it intraday.

Daily Candlestick Chart (TSCO as at Mar 26, 2020):

Daily technical analysis candlestick chart for Tractor Supply Company (TSCO) as at Mar 26, 2020

Thursday's trading range has been $6.18 (7.95%), that's slightly above the last trading month's daily average range of $6.12. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for TSCO. Prices continued to consolidate within a tight trading range between 74.54 and 84.64 where it has been caught now for the whole last trading week.

Two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns.

The share managed to close above the 20-day moving average at 81.98 for the first time since March 4th. Prices are trading close to the key technical resistance level at 88.02 (R1).

Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Buying might accelerate should prices move above the close-by swing high at 84.64 where further buy stops could get activated.

Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Tractor Supply. Out of 197 times, TSCO closed lower 55.33% of the time on the next trading day after the market condition occurred.

Market Conditions for TSCO as at Mar 26, 2020

Loading Market Conditions for TSCO (Tractor Supply Company)...
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